Legal Question in Real Estate Law in Illinois

Re: Deed in Lieu of Foreclosure

I don't know about "rules and guidelines" per se, but your first step would be to approach your lender and ask if they would consider it. This may not be a good time for it because most lenders already have more property than they need because of all the foreclosures.

There are some things to watch out for though since the agreement involved could be complex. Try talking to an attorney who concentrates in real estate before you consider this or any other option (short sale, etc.). Call me if you'd like a free consultation to discuss it.