This might sound defeatist but if you know that you cannot come up with the amount to reinstate or redeem your loan and just want to free your mind from the thought of having your property foreclosed then you can voluntarily give back your home to the lender through a deed-in-lieu of foreclosure. This deed basically transfers the title of the property from you back to the lender under the understanding that this satisfies the whole mortgage debt. The deed-in-lieu is also more advantageous since it does not leave as negative an impact on your credit report as that of a foreclosure. It also saves you the trauma of going through the entire foreclosure process.
This program is ideal for anyone interested in real and lasting credit improvement.
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