What are my options and what if I just want to give up the house and walk away?
The decision to give up your house to foreclosure should not be made lightly. You have various options that your lender/servicer is willing to agree to that may surprise you. Keep in mind, your lender/servicer is attending the mediation to work out an agreement that is mutually acceptable to both parties, using the resources available to both. Be open-minded before and throughout the entire process. Staying in your home is one option which can be done through various means including, but not limited to, a repayment plan, loan modification/refinance, reinstatement of your loan, or forbearance. If, however, you do decide to give up your house, you can return your mortgaged property to the lender/servicer through “a deed in lieu of foreclosure.” You can still mediate such issues as the date of turn over, when to move out, and what other obligations exist as part of the deed in lieu of foreclosure process. There are also other options including, but not limited to, a short sale or consent
