What is “Deed in lieu of foreclosure”?
A Deed in lieu of foreclosure is exactly as it sounds. The bank allows the homeowner to sign over the deed to the lender instead of proceeding with foreclosure. This course of action provides few advantages to the homeowner because it has about the same impact on the mortgage holder’s credit as a foreclosure.
Related Questions
- If a subscriber has a two-person or family membership, can their ex-spouse remain on that membership (in lieu of paying an additional one-person membership rate)?
- Is a face to face interview in Iowa City, Iowa a requirement or can a telephone interview be substituted in lieu of the interview?
- What is the difference between a Judicial Foreclosure / Deed of Trust Sale and a Deed in Lieu of Foreclosure?
