Loss Mitigation: Nonretention Options
Deed in Lieu
While MGIC prefers a short sale, we understand that there are situations where a deed in lieu of foreclosure may be the only appropriate workout option.
You have authority to offer a deed in lieu on MGIC-insured loans when the borrower has filed bankruptcy or is deceased. MGIC Delegated Guidelines must be met.
Deeds in lieu that fall outside of MGIC Delegated Guidelines must be approved by MGIC before title is transferred.
Guidelines
See section 2.07 of MGIC’s Default Servicing Guide.
Submission
Submit requests for approval and required documentation via MGIC/Link Servicing. Select Deed in Lieu in the main menu.
Support
Contact MGIC Customer Service, customer_service@mgic.com or
1.800.424.6442.
View our MGIC/Link Deed in Lieu training tutorial.
