Mortgage Blog

What is a deed in lieu of foreclosure for a Pa mortgage

March 9th, 2013 1:07 PM by Michael and Jill Kohler

Beginning on 3/1/13 Fannie Mae and Freddie Mac are allowing many homeowners (even if they’ve been making on-time mortgage payments) to apply for a deed-in-lieu of foreclosure. Until just recently Fannie and Freddie only allowed homeowners to apply if they were 90 days or more delinquent.

A deed-in-lieu of foreclosure is when a homeowner can no longer afford their mortgage voluntarily and gives back their home to the bank in exchange for having their mortgage debt wiped clean. This will still have a negative impact on your credit score, but it can be the fastest way to escape an unavoidable situation.

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Posted in:General and tagged: Pa Mortgage rates
Posted by Michael and Jill Kohler on March 9th, 2013 1:07 PM


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