What Does the Deed-in-Lieu of Foreclosure Mean?
The best way to sell a home that is about to be foreclosed on, especially one that you can’t sell through a short-sale, or any other program, is a deed-in-lieu.
A deed-in-lieu involves signing your deed over to your lender in exchange for the lender agreeing not to foreclose on the home. In nearly all cases a lender will ask the homeowner to try to short sale the home before they will accept a deed-in-lieu.
The disadvantage to a deed-in-lieu is that the lender frequently will not offer this option and the homeowner has no control over the timing or terms. A deed-in-lieu may also generate less favorable legal and credit ramifications than other options.
Hippie Hollow Homes recommends that homeowners who are considering a deed-in-lieu first pursue a short sale and then sign a deed-in-lieu only if the short sale is not successful. Hippie Hollow Homes has helped hundreds of people through short sale programs. We can help you too!
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