| A Deed In Lieu is when the Homeowner voluntarily deeds the property over to HUD in exchange for a release from all obligations under the mortgage.
Deed In Lieu Qualifications :
1) All mortgagors named on the Note must execute the deed
2) Homeowner agrees to certify compliance with program stipulations concerning property condition.
3) Account must be 31 days delinquent when the Deed In Lieu is recorded.
At the lenders discretion, the Homeowner may receive up to a maximum $2,000 consideration if the property is unoccupied at conveyance.
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