A deed-in-lieu is where, the homeowner, voluntarily transfer the ownership of your property to the owner of your mortgage in exchange for a release from your mortgage loan and payments. Options are available (sometimes with a relocation incentive) to help you leave the home immediately; stay in the home for up to three months without paying rent; or lease the home (at market rates) for up to one year. Depending on your situation, you may be required to make a financial contribution to receive a mortgage release.
“We can't afford this home anymore, but don't want to have a foreclosure on our credit history. And we need time to plan our move.”

A Deed-in-Lieu is an alternative to foreclosure and should be considered if:

  • You are ineligible to refinance or modify your mortgage
  • You are facing a long-term hardship
  • You are behind on your mortgage payments or will fall behind in the near future
  • You owe more on your home than it's worth
  • You don't want to sell your home or haven't been able to sell your home
  • You can no longer afford your home and you are ready to leave
Contact us at (973)-378-3030 and a dedicated agent will explain more about a Deed-In-Lieu and help you submit the necessary request form. We want to help you stay in your home, if possible.