More about a Deed-in-Lieu
A Deed-in-lieu of foreclosure is something you may consider as a last resort. This is where you voluntarily "give back" your property to the lender. This won't save your house, but it is not as damaging to your credit rating as a foreclosure.
Typically you can qualify if:
- you are in default and don't qualify for any of the other options;
- your attempts at selling the house before foreclosure were unsuccessful; and
- you don't have another FHA mortgage in default.
This information shall in no way be interpreted as providing legal and/or tax advice. Recipient is strongly advised to seek legal and/or tax counsel. Below are the links to view Idaho Statute. Always rely only on the advice of an Attorney!
