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DEED-IN-LIEU OF FORECLOSURE

MORTGAGE RELEASE

A deed-in-lieu of foreclosure, also known as a mortgage release, allows you as the homeowner to voluntarily transfer the ownership of your property to Trustmark in exchange for a release from your mortgage loan and payments. A deed-in-lieu of foreclosure may allow you to leave your home immediately, stay in your home for up to three months without paying rent or lease the home at market rates for up to one year.

A deed-in-lieu of foreclosure may be an option for you if you are ineligible to refinance, facing a long-term hardship, behind on your mortgage payments, owe more on your house than it is worth, have not been able to sell or don’t want to sell your, or you can no longer afford your home.

BENEFITS OF A DEED-IN-LIEU OF FORECLOSURE

• You eliminate your remaining mortgage debt.
• You avoid the negative impact of foreclosure.
• In some cases, relocation assistance may be available.
• You may be able to purchase a home sooner through a Fannie Mae mortgage than you would be able to if you went through a foreclosure (approximately 2          years versus 7 years).
• You can start repairing your credit quicker with a short sale rather than with a foreclosure.
• You may leave the house immediately, or if eligible, consider other exit options.

HOW IT WORKS

Trustmark will work with you to complete the eligibility process for a deed-in-lieu of foreclosure.  We will review your current situation and help determine the value of your property and how much you still owe.  We will also review with you the options that are available and help you choose the best option for your situation.

A deed-in-lieu of foreclosure may take up to 90 days to complete.  The length of time involved will depend upon your specific situation. 

Upon completion of the process and the option selected, you will either vacate your home, stay in the home for up to three months (rent free) or lease the home for up to one year.  When you vacate the home on the agreed-upon date, you are required to leave the home in good condition, inside and outside.  The home must be in good condition, free of trash, debris or damage, and all personal belongings must be removed. 

In some instances, homeowners may be eligible to receive relocation assistance to use toward moving expenses and to make the transition to new housing easier.

STEPS TO FOLLOW

1 - GATHER OR FINANCIAL INFORMATION

Have the following basic financial and loan information on hand when you contact Trustmark.
 
• Your mortgage statements, including information on a second mortgage (if applicable)
• Your other monthly debt payments (e.g., car or student loans, credit card payments, etc.)
• Your income details (paystubs and income tax returns)

2 - EXPLAIN YOUR CURRENT SITUATION

Be ready to outline your current hardship, explain why you are having trouble making your mortgage payment, and whether this is a short-term or long-term problem. We need to understand the reasons why you are having difficulty in order to find the right solution for you.

3 - CONTACT TRUSTMARK

Contact us at 1.866.229.1656 and tell us you are interested in a short sale and would like to see if you qualify.  You may also contact the Fannie Mae Mortgage Help Network.

Trustmark National Bank is required by the Fair Debt Collection Practices Act to inform you that if your loan is currently delinquent or in default, as your loan servicer, we will be attempting to collect a debt and any information obtained will be used for that purpose. However, if you have received a discharge, and the loan was not reaffirmed in the bankruptcy case, we will only exercise our right as against the property and are not attempting any act to collect the discharge debt from you personally.

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