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1. Home.
2. Dealing with Us

Deed-in-Lieu

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What is a Deed-in-Lieu?

A deed-in-lieu (" deed in lieu of foreclosure") is a debtor's voluntary conveyance of clear and marketable title of the residential or commercial property to Freddie Mac in exchange for a discharge of financial obligation.

Starting

If a debtor's difficulty is long-term and they're not able to be authorized for any retention options or a brief sale choice, the Servicer ought to review the borrower for a deed in lieu of foreclosure, a faster and simpler process that makes it possible for struggling house owners to leave with dignity from their homes.

The standard deed-in-lieu streamlines and improves the transaction by:

- Avoiding foreclosure.

- Providing to $7,500 in relocation support for property owners who meet particular requirements.

- Speeding up the decision-making procedure by entrusting approval of authority to Servicers.

Borrower Eligibility

All borrowers are eligible for a deed-in-lieu under the following conditions:

- A debtor who doesn't fulfill the requirements for a streamlined deed in lieu of foreclosure need to be experiencing or have actually experienced one of the eligible difficulties listed in Single-Family Seller/Servicer Guide (Guide) Section 9202.2( a).

- The debtor needs to be able to convey clear and marketable title to the mortgaged facilities to Freddie Mac.

- The borrower isn't delinquent, hasn't gotten a brand-new mortgage in the six months preceding the borrower's delinquency or, if the customer is present in the 6 months preceding examination for a deed-in-lieu, the debtor is only permitted to have actually gotten a new mortgage if their eligible challenge was remote work transfer.

- if the Borrower is existing, in the 6 months preceding the assessment of the Borrower for a deed-in-lieu of foreclosure.

- The Borrower is just allowed to have actually gotten a new Mortgage if the Borrower's qualified challenge was distant work transfer.

Exceptions: There are some situations where the Servicer need to submit a deed-in-lieu suggestion to Freddie Mac:

- If the residential or commercial property is condemned and/or broker cost viewpoint (BPO) reveals that the residential or commercial property has actually been poorly kept, has structural/foundation problems or needs major repair work.

- If a debtor does not satisfy eligibility requirements for a deed in lieu of foreclosure but the Servicer feels it may be the finest alternative for resolving the delinquency. The Servicer ought to likewise submit a complete Borrower Response Package (BRP).

However, unless informed by Freddie Mac, all Servicers are handed over to authorize a deed in lieu of foreclosure that fulfills the eligibility requirements of Section 9209.2( a)

Borrower Documentation

Borrower paperwork is based upon delinquency. Borrowers who are more than 18 months overdue need to be evaluated for a streamlined deed-in-lieu.

To learn more about deeds-in-lieu, describe Chapter 9209.

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Guide and policy

Guided Answer: Deed-in-Lieu.
Guide Section 9201.2: Freddie Mac loss mitigation examination hierarchy.
Guide Section 9101.4: Foreclosure suspension obligations and additional short sale and deed-in-lieu of foreclosure requirements once the First Complete Borrower Response Package is gotten.
Guide Section 9208.8: Closing, reporting, drafting and remittance requirements for short sales and make-whole preforeclosure sales

Factsheets and lists

Home Affordable Foreclosure Alternatives (HAFA).

Foreclosure Sale Bidding Instructions

Helping you comprehend standard deed-in-lieu

Guided Answer: Deed-in-Lieu

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