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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.

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16y ago

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Related Questions

Can you do Deed in lieu after foreclosure?

deed in lieu after foreclosure?


Does a Deed in lieu of foreclosure affect credit the same as a foreclosure?

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.


What rights are available to the person that has a lien second to the bank on a property that has already sold at a foreclosure sale?

Hate to tell you, but in WA, none. The senior lien has already foreclosed, any any junior lien (including deed of trust or mortgage) was foreclosed with it.


Can you do a voluntary foreclosure and can the bank come after you for any other fees or hidden costs or can the bank attach a lien to any other property such as vehicles or an existing paid for home?

Yes, you can submit to the lender a document called a deed of foreclosure. no


If you have a lien on the house going into foreclosure will you get your money?

No


Can a lien lead to foreclosure?

Check this post, it talks about liens and foreclosure. http://www.foreclosedpropertiesdata.com/blog/foreclosure-help/how-liens-can-lead-to-foreclosure/


Where may you obtain a 'Deed in Lieu of 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.


Deed in lieu?

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.


What happens to to second lien if borrower defaults on first lien?

It may be accelerated and payable from the excess proceeds of the auction held by the first lienor in foreclosure, if there is any excess. --- improve the answer: If seond lien is not a superior lien (e.g. Tax lien is superior than MGT lien), when the first lien is foreclosured the second lien will be washed out --- Not exists any more. However, a superior lien, even a second lien, will still survive the foreclosure process which means the property owner (who has bought the property during foreclosure) still needs to pay.


Can banks be forced to accept a deed in lieu of foreclosure?

NO.


Can you modify a Deed of Trust in Maryland while in foreclosure?

No.


What is a foreclosure deed?

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.