Can I transfer ownership of my home to avoid foreclosure?

Yes, you can transfer ownership of your home to avoid foreclosure in Texas. This process, called a deed in lieu of foreclosure, is when you surrender the deed to the home to your lender in order to release you from a mortgage obligation. By transferring the deed, you agree to relinquish all rights of ownership to the home, and it will no longer be yours. In order to be eligible for this option, you must meet a few criteria. You must be current on your mortgage payments for at least 90 days prior to the transfer. Additionally, you must be at least 90 days delinquent to be considered. If approved, you must also be able to demonstrate an inability to maintain regular mortgage payments moving forward. As with any foreclosure option, there are pros and cons to consider. Pros include avoiding a foreclosure on your credit history, as well as the potential to secure a small cash settlement. Cons include potentially losing any equity you’ve built in the home, as well as the possibility that your lender may not accept the deed transfer option. If you’re facing foreclosure in Texas, it’s important to speak with a legal professional to discuss your options. An attorney can help you review your options and make the best decision for you and your family.

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