If you do not wish to keep your property, then you can request a deed in lieu of foreclosure. Each mortgage company has its own unique guidelines for deed in lieu transactions. Typically, the mortgage company will want some documentation of inability to pay, and will require a lengthy approval process. An attorney’s office or reputable loan modification company may be able to assist. As a borrower, you should confirm that the mortgage company or lender will release you from any further liability in exchange for the deed.
