What is a Deed in Lieu of Foreclosure and How Does it Work? Is a Deed in Lieu of Foreclosure different than a Short Sale? Learn all of the details at: www.sdshortsaleexperts.com/foreclosure/foreclosure-faqs/deed-in-lieu-of-foreclosure/
If you fall behind on your mortgage payments and are unable to get caught up, you risk your property going into foreclosure. In certain instances, a deed in lieu of foreclosure - or, a deed in lieu - may be a better option than going through the foreclosure process.
What is a Deed in Lieu of Foreclosure?
A deed in lieu of foreclosure is a document that voluntarily transfers ownership of a home from the homeowner to the mortgage lender in exchange for a release from the mortgage obligation. This deed allows the homeowner to satisfy their mortgage loan that is in default and at risk of being foreclosed on.
A deed in lieu can benefit both the homeowner and the lender by sparing both parties from an expensive and time-consuming foreclosure process. In most instances, the lender wants to see that the homeowner has already attempted other alternatives to avoid foreclosure, which includes a loan modification and short sale.
Contact us today to learn more about the deed in lieu of foreclosure process, and explore if you may be eligible for a short sale or loan modification.