Visit Site Despite the fear of calling the lender to inform them of a financial hardship or asking for help, homeowners should just contact their bank or mortgage company and ask them what they can do to start the process of reviewing an offer for a deed in lieu of foreclosure. Mortgage companies are not allowed to request their clients give them a deed in lieu, because it must be offered voluntarily by the homeowner. In fact, many mortgage companies will not even suggest this option to homeowners in default, because they do not want to be viewed as persuading or pressuring the delinquent homeowner into giving up their home, and of course; they would rather have the money to pay off the mortgage or get it back on track. Thus, it will be up to the homeowners themselves to begin the process of speaking to the bank or mortgage company about a deed in lieu of foreclosure. This should be done as soon as they know they will be unable to stop foreclosure any other way. Deed in-lieu-of foreclosure should always be an absolute last resort to avoid full a court order home foreclosure. Deeds in lieu of Foreclosures are not automatically approved by the banks or mortgage company. You need to educate yourself about the Deed in lieu process BEFORE you attempt to contact your Mortgage Company. Our eBook guide will show you how! It will significantly improve the chances of your Deed in Lieu application being approved! Read more…