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What is a Deed-in-Lieu of Foreclosure?

When a homeowner can’t afford to pay their mortgage, they risk foreclosure, wherein the lender (usually their bank) reclaims the property and forces the homeowner to relocate. In order to avoid these often public and embarrassing proceedings, the homeowner can instead ask for a deed-in-lieu of foreclosure, where they transfer the title of the property to the bank willingly while given time to relocate.

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Kevin Martin
Kevin Martin
01 sept 2023

A deed-in-lieu of foreclosure is an arrangement where you voluntarily turn over ownership of your home to the lender to avoid the foreclosure process.

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jone martin
jone martin
26 abr 2023

This is because a deed in lieu allows you to avoid the foreclosure process and may even allow you to remain in the house.

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