Already in Foreclosure?
If your home is in foreclosure, this can be an extremely difficult time and it may appear that you have few or no available options. You may also feel like you’ve lost control and can’t determine if or when you can vacate. In this case, you may be able to voluntarily transfer your mortgage to the owner with a Mortgage Release (Deed-in-Lieu). After being approved for your mortgage transfer with a Mortgage Release, you may even be able to stay in the home for up to 3 months rent-free or as a renter (paying market-based rent) for up to one year.
Option when you are already in foreclosure:
With Mortgage Release, you transfer the ownership of your property to the owner of your mortgage in exchange for a release from your loan and payments.
- Eliminate your mortgage debt
- May be eligible for relocation assistance up to $3,000
- Start repairing your credit sooner than if you went through a foreclosure
- May be able to get a Fannie Mae mortgage to purchase a home sooner (in as little as 2 years) than if you went through foreclosure (up to 7 years)
- Flexible exit options let you choose to vacate immediately, stay for up to three months (without paying rent), or lease the home (at market rates) for up to one year