NO.
A deed of lien can be given to you from your lender. If you are having a hardship that is beyond your control, (ie., terminal illness, forced divorce, long term hospital stay and can't work), and it creates a circumstance so that you cannot pay your mortgage and you have to foreclose, then you can write to your lender and request that they give you a deed of lien on your foreclosure. If they accept your request and give you the deed of lien then your foreclosure won't go on your credit. It may help however for the lender to accept your request if they see that you did try to sell your home first.
Often confused with a "short sell", a "deed in lieu" is used when a homeowner facing foreclosure asks the lender to accept the deed instead (in lieu) of foreclosure. A sample request for a deed in lieu can be found at the source below.
deed in lieu after foreclosure?
A deed in lieu of foreclosure is a deed to real property accepted by the lender from a borrower who is in default. It is accepted in order to avoid the expense of a foreclosure. If you are in default you would need to negotiate with your lender to see if they would accept a deed in lieu of foreclosure from you. There may be other consequences of a deed in lieu so you should seek the advice of an attorney if you are in default and contemplating your options. There may be a community service available for foreclosure counseling in your area.
With the consent of the property owner and lender, the deed is valid immediately after it is recorded in the county public records. It is a good way to avoid the foreclosure process, but, oddly, many lenders will not accept such a deed and insist on the expensive and tedious foreclosure process.
Deed in lieu of foreclosure is not nearly as devastating to your credit as is a full foreclosure. Below is an article about the pros and cons of deed in lieu.
If you mean because you're in default and want to avoid foreclosure, it's called a "deed in lieu of foreclosure" and it's usually part of an overall agreement that hopefully also extinguishes the mortgage debt. Typically the mortgage company is not required to accept it. They drive the bus.....
No.
A foreclosure deed is the deed required to be filed by the winning bidder at the auction, usually within 30 days, assuming the bidder is able to complete whatever s/he needs to actually pay for the property.
Yes. In Massachusetts and other states there is a procedure whereby the mortgagor gives the bank a deed in lieu of foreclosure. You should discuss a "deed in lieu of foreclosure" with the mortgage department of your lender.
Yes.
When a Property goes into Foreclosure and a Sheriff sale date is posted, or if after the Sheriff sale and is during the redemption period a "Deed in Lieu" is always a possibility. The Mortgage lender must agree to accept this. A"Deed in lieu" is the process in which an owner would be surrendering the title to the lender. Again the Mortgage/lender must agree to this act.