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How do I exit my loan?

If you foresee there isn’t a financially feasible way to keep your home, here are more options for you to avoid the foreclosure process.

Traditional Sale:

  • Work with a real estate agent to sell your home for an amount that generates proceeds sufficient to pay off your mortgage in full.

  • Best option for those with equity in their home.

Short Sale:

  • Selling your home for an amount that generates proceeds insufficient to pay off your mortgage in full.

  • An agreement where the investor may accept sale proceeds less than the total amount owed on the loan. Once a short sale is completed, the loan will be released.

  • Short sales can help you leave your home and may have a smaller credit impact than a foreclosure.

  • Cancellation of debt may have tax consequences. Please consult a tax advisor to discuss potential tax consequences.

  • In some circumstances, you may be responsible for the difference between the sale proceeds and the total amounts owed on your loan.

  • Preferred option for those who have little or no equity in their home.

Deed In Lieu (DIL):

  • An agreement with your investor where you will agree to transfer ownership of your home to your investor, the remaining balance is discharged, and the lien is released.

  • If you’re unable to qualify or complete one of the options above, you can be considered for this option without having a foreclosure on your record.

  • You may be able to obtain funds to help relocate to another living arrangement.

  • While this protects you from formal foreclosure, it will impact your credit.

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