Fannie Mae Deed-In-Lieu

At times a Fannie Mae short sale will not work out for multiple reasons. The most common reasons are that the borrower is current on their mortgage, can afford the property, or Fannie Mae’s valuation of the property is too high and an offer can not be obtained to meet their criteria. A mortgage release may be an alternative exit option and a relocation incentive can still potentially be obtained from Fannie Mae to assist in moving. To qualify for a Fannie Mae Deed-In-Lieu  (DIL) one must typically only have a senior mortgage. If there are subordinate liens they may be required to be settled prior to a DIL becoming a viable option. Also, if there are past due HOA past a certain threshold they may require for this to be settled or paid down as well.

A DIL of foreclosure still impacts your credit and the deficiency judgment can still be negotiated to be waived. A foreclosure is something you never want on your record or the liabilities that may come with it. Fill out the contact form below for a consultation on your options.

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