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Deed-in-Lieu
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What is a Deed-in-Lieu?
A deed-in-lieu (" deed in lieu of foreclosure") is a debtor's voluntary conveyance of clear and marketable title of the residential or commercial property to Freddie Mac in exchange for a discharge of debt.
Getting going
If a borrower's difficulty is irreversible and they're unable to be authorized for any retention options or a brief sale alternative, the Servicer should examine the borrower for a deed in lieu of foreclosure, a quicker and easier process that makes it possible for struggling property owners to exit gracefully from their homes.
The standard deed-in-lieu simplifies and simplifies the transaction by:
- Avoiding foreclosure.
- Offering up to $7,500 in relocation assistance for property owners who satisfy certain requirements.
- Accelerating the decision-making procedure by delegating approval of authority to Servicers.
Borrower Eligibility
All customers are qualified for a deed-in-lieu under the list below conditions:
- A borrower who doesn't satisfy the requirements for a structured deed in lieu of foreclosure need to be experiencing or have experienced among the eligible difficulties noted in Single-Family Seller/Servicer Guide (Guide) Section 9202.2( a).
- The debtor needs to have the ability to communicate clear and marketable title to the mortgaged properties to Freddie Mac.
- The customer isn't overdue, hasn't gotten a new mortgage in the 6 months preceding the borrower's delinquency or, if the debtor is existing in the six months preceding examination for a deed-in-lieu, the borrower is just permitted to have actually acquired a new mortgage if their eligible hardship was remote work transfer.
- if the Borrower is current, in the 6 months preceding the evaluation of the Borrower for a deed-in-lieu of foreclosure.
- The Borrower is just permitted to have gotten a new Mortgage if the Borrower's eligible difficulty was distant employment transfer.
Exceptions: There are some circumstances where the Servicer ought to send a deed-in-lieu recommendation to Freddie Mac:
- If the residential or commercial property is condemned and/or broker rate opinion (BPO) shows that the residential or commercial property has been improperly preserved, has structural/foundation problems or requirements significant repair work.
- If a customer does not satisfy eligibility requirements for a deed in lieu of foreclosure however the Servicer feels it might be the very best choice for dealing with the delinquency. The Servicer ought to likewise submit a total Borrower Response Package (BRP).
However, unless informed by Freddie Mac, all Servicers are entrusted to approve a deed in lieu of foreclosure that meets the eligibility requirements of Section 9209.2( a)
Borrower Documentation
Borrower documentation is based upon delinquency. Borrowers who are more than 18 months delinquent should be assessed for a structured deed-in-lieu.
To learn more about deeds-in-lieu, describe Chapter 9209.
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Guide and policy
Guided Answer: Deed-in-Lieu. Guide Section 9201.2: Freddie Mac loss mitigation evaluation hierarchy. Guide Section 9101.4: Foreclosure suspension commitments and extra brief sale and deed-in-lieu of foreclosure requirements once the First Complete Borrower Response Package is received. Guide Section 9208.8: Closing, reporting, preparing and remittance requirements for brief sales and make-whole preforeclosure sales
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Helping you comprehend basic deed-in-lieu
Guided Answer: Deed-in-Lieu
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