If you are interested in a deed in lieu of foreclosure arrangement, you must establish your eligibility with your mortgage lender. Different lenders may have different eligibility requirements, but in general, you may be eligible if:
– You are more than 31 days behind in your mortgage payments
– You are facing a hardship such as illness, divorce, or job loss
– You have unsuccessfully tried other options, such as mortgage modification, short sale, and debt consolidation. For many people, a deed in lieu of foreclosure may be an effective way to avoid the financial and emotional strains of foreclosure.