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With a deed in lieu that foreclosure, or deed in lieu, girlfriend agree to transfer the title or property of your building to the owner or servicer of your loan in stimulate to prevent foreclosure sale and satisfy every or a part of the mortgage debt. If you have actually been evaluated however do no qualify because that a loan alteration and have been unable to offer your home through a quick sale, a deed in lieu may be one option.

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You might be default if one or much more apply:

You’re experiencing financial hardship, such as decreased income, medical prices or divorce you can"t afford your present mortgage payments You"re unable to change your existing home loan, or don"t wish to stay in her house because of other circumstances, such together a task relocation friend tried because that at least 90-120 calendar job to sell your house at a fair industry value through the help of a licensed actual estate agency and weren’t successful

Depending on your loan type, you may qualify because that funds to aid with relocation expenses1 and other real estate debts.

What if I"m no eligible or obtain declined?

Make sure to testimonial all her options. If you have actually questions around them, please call us for assistance. Otherwise normal processing of her loan will certainly continue and also may include foreclosure, subject to applicable law.

Next steps

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First, we"ll advice you for programs that permit you to store your house. If over there aren"t various other options, and you have been unable to sell your home through a brief sale, a deed in lieu might be possible. You"ll should provide:

Loan numberForeclosure notices or dates you"ve receivedSubordinate liens top top the property, if applicableInformation top top a loan modification, if friend were considered for oneA letter explaining your present financial difficulty

Depending on her circumstances, we may need extr documentation. If so, we"ll contact you come let you understand what info is needed. You’ll additionally be associated with a Customer connection Manager who"ll occupational with you throughout the process.


After every required papers are received, we"ll order an appraisal the the internal of the house to identify the present market value, compare the property"s worth to the balance on your very first mortgage and also perform a title search.

The property should be free of any kind of liens, such as a residence equity loan or heat of credit, once the title is transferred to us. If you have a bank of America house equity loan or heat of credit, we"ll take care of getting approvals for your deed in lieu request. If you have a home equity loan or heat of credit with an additional lender, you"ll should ask that lender come send united state a Second-Lien Release, indicating their approval for you to pursue a deed in lieu. This procedure takes approximately 90 calendar days. Please contact lien holders right away to protect against delays.


If her deed in lieu inquiry is approved, you’ll get a letter outlining the terms and conditions and also documents that you’ll must sign and also return.

Once received, we"ll prepare the final release files which will information your decision to authorize the residential or commercial property over come us. You need to send united state signed, notarized release records within 14 calendar days.

Once submitted, you may have actually up come 30 calendar days to relocate, depending upon the law in your area. Depending on your loan type and circumstance, you may qualify for funds to help with relocation expenses1 and other housing debts. Fine let friend know.

When the deed in lieu is finalized, this handle the mortgage and also any various other loans against the property. The amount of blame satisfied by this carry of ownership is based on the approved value of your home. In part cases, you might be responsible because that a staying balance of the mortgage debt over and over the approved worth (also well-known as the deficiency).

If we forgive any type of amount the mortgage debt, there may be possible tax consequences. You re welcome consult a taxes advisor for much more information around how this could influence you.

We"ll report the revenue to the major credit reporting agencies as "deed obtained in lieu the foreclosure top top a defaulted mortgage."

1 The relocation help payment is calculated based on the appraised value of her property and also the program rules. The total amount will be no much more than $3,000, if girlfriend qualify. The payment will be ceded after the closing if girlfriend comply with all terms and also conditions of the program, i m sorry include however are not minimal to the following: a valuation of the property must be completed and you must satisfy all low grade liens and administer clear title for the property. If you are still responsible for a deficiency balance after ~ the sale, you have to be mindful that this relocation assistance will rise that deficiency due to the fact that it to reduce the amount easily accessible to apply towards your mortgage debt. If you carry out not comply with all terms and also conditions of the program, you will certainly not receive the relocation assistance payment. The amount of any kind of relocation assistance will be reported to the internal Revenue business (IRS) on the appropriate 1099 form or Forms. We imply that you call the IRS or your taxes preparer to recognize if girlfriend have any type of tax liability. In stimulate to receive the relocation assistance, the sale of the property must close by the closing day in the brief sale agreement. Bank of America make reservation the ideal to change or change the relocation assistance at any kind of time.


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