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2. Dealing with Us
   
   Deed-in-Lieu
   
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  What is a Deed-in-Lieu?
  
  A deed-in-lieu (" deed in lieu of foreclosure") is a borrower's voluntary conveyance of clear and valuable title of the residential or commercial property to Freddie Mac in exchange for a discharge of financial obligation.
  
  Beginning
  
  If a borrower's challenge is long-term and they're not able to be authorized for any retention choices or a brief sale choice, the Servicer needs to review the debtor for a deed in lieu of foreclosure, a quicker and easier process that enables having a hard time house owners to exit gracefully from their homes.
  
  The basic deed-in-lieu streamlines and improves the transaction by:
  
  - Avoiding foreclosure.
  - Providing to $7,500 in moving support for homeowners who satisfy particular requirements.
  - Speeding up the decision-making procedure by entrusting approval of authority to Servicers.

Borrower Eligibility

All customers are qualified for a deed-in-lieu under the list below conditions:

- A debtor who doesn't satisfy the requirements for a streamlined deed in lieu of foreclosure should be experiencing or have actually experienced among the qualified hardships listed in Single-Family Seller/Servicer Guide (Guide) Section 9202.2( a).
- The debtor should have the ability to communicate clear and marketable title to the mortgaged facilities to Freddie Mac.
- The customer isn't delinquent, hasn't acquired a brand-new mortgage in the 6 months preceding the debtor's delinquency or, if the customer is present in the 6 months preceding evaluation for a deed-in-lieu, the borrower is just permitted to have acquired a brand-new mortgage if their qualified hardship was remote employment transfer.
- if the Borrower is current, in the 6 months preceding the examination of the Borrower for a deed-in-lieu of foreclosure.
- The Borrower is only allowed to have acquired a brand-new Mortgage if the Borrower's qualified challenge was distant employment transfer.
Exceptions: There are some circumstances where the Servicer must send a deed-in-lieu suggestion 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 maintained, has structural/foundation issues or requirements major repairs.
- If a customer doesn't satisfy eligibility requirements for a deed in lieu of foreclosure however the Servicer feels it might be the very best option for attending to the delinquency. The Servicer needs to also submit a total Borrower Response Package (BRP).
However, unless informed by Freddie Mac, all Servicers are entrusted to authorize 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 overdue must be assessed for a structured deed-in-lieu.

To find out more about deeds-in-lieu, refer to Chapter 9209.

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Guide and policy

Guided Answer: Deed-in-Lieu. Guide Section 9201.2: Freddie Mac loss mitigation examination hierarchy. Guide Section 9101.4: Foreclosure suspension obligations and additional brief sale and deed-in-lieu of foreclosure requirements once the First Complete Borrower Response Package is gotten. Guide Section 9208.8: Closing, reporting, drafting and remittance requirements for short sales and make-whole preforeclosure sales

Factsheets and lists

Home Affordable Foreclosure Alternatives (HAFA).
Foreclosure Sale Bidding Instructions


Helping you comprehend standard deed-in-lieu

Guided Answer: Deed-in-Lieu

Related resources and help

Freddie Mac Standard Short Sale FAQ.
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