In order to be eligible for a D4L, or Deed for Lease, you must go through a DIL, short for a deed in lieu of foreclosure.
These terms become relevant when your house is underwater — the market value is less than what you owe. You have attempted to sell your home without success, and your lender is threatening to foreclose. Instead, you ask your lender for a simpler solution: “Why not just take my house and save the expense involved in a foreclosure proceeding?”
But if the lender agrees, where will you live? Fannie Mae has instituted a new program that might help you. Deed for Lease allows some people who’ve lost their homes to remain in them as renters.
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