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Deed-in-Lieu


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What is a Deed-in-Lieu?


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


Getting going


If a borrower's hardship is permanent and they're unable to be approved for any retention choices or a brief sale choice, the Servicer ought to evaluate the debtor for a deed in lieu of foreclosure, a faster and easier procedure that allows having a hard time house owners to leave gracefully from their homes.


The basic deed-in-lieu streamlines and simplifies the transaction by:


- Avoiding foreclosure.

- Providing to $7,500 in moving help for property owners who meet specific requirements.

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


Borrower Eligibility
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All borrowers are qualified for a deed-in-lieu under the list below conditions:


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

- The customer needs to have the ability to convey clear and marketable title to the mortgaged premises to Freddie Mac.

- The customer isn't overdue, hasn't obtained a new mortgage in the six months preceding the borrower's delinquency or, if the debtor is existing in the 6 months preceding assessment for a deed-in-lieu, the borrower is just allowed to have gotten a new mortgage if their qualified hardship was far-off work transfer.

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

- The Borrower is just permitted to have gotten a brand-new Mortgage if the Borrower's eligible difficulty was far-off work transfer.


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


- If the residential or commercial property is condemned and/or broker rate viewpoint (BPO) shows that the residential or commercial property has actually been badly kept, has structural/foundation issues or requirements significant repairs.

- If a debtor doesn't satisfy eligibility requirements for a deed in lieu of foreclosure however the Servicer feels it may be the very best choice for resolving the delinquency. The Servicer should likewise submit a total Borrower Response Package (BRP).


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


Borrower Documentation


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


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


All Resources


Guide and policy


Guided Answer: Deed-in-Lieu.
Guide Section 9201.2: Freddie Mac loss mitigation assessment hierarchy.
Guide Section 9101.4: Foreclosure suspension responsibilities and extra brief sale and deed-in-lieu of foreclosure requirements once the First Complete Borrower Response Package is received.
Guide Section 9208.8: Closing, reporting, preparing and remittance requirements for brief sales and make-whole preforeclosure sales


Factsheets and checklists


Home Affordable Foreclosure Alternatives (HAFA).

Foreclosure Sale Bidding Instructions




Helping you understand basic deed-in-lieu


Guided Answer: Deed-in-Lieu


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Freddie Mac Standard Short Sale FAQ.


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