Deed-in-Lieu Frequently Asked Questions |
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A Deed in Lieu of foreclosure (DIL) is a disposition option in which a mortgagor voluntarily deeds collateral property in exchange for a release from all obligations under the mortgage. A DIL of foreclosure may not be accepted from mortgagors who can financially make their mortgage payments. Question 1: When a mortgagor has been approved for utilizing a DIL of foreclosure, how much time does a mortgagee have to complete the DIL?
Question 2: Does HUD allow $2,000 to pay off second liens when determining if a mortgagor is eligible for a DIL?
Question 3: Can a mortgagee revert from a foreclosure process to the acceptance of a DIL from a mortgagor?
Question 4: Does a mortgagee have the ability to accept a DIL of foreclosure when there is an existing Partial Claim?
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