REAL ESTATE / Deed In Lieu
Deed In Lieu
A deed in lieu is an agreement between the lender and the borrower whereby the borrower transfers the title back to the lender in exchange for a release from the mortgage obligation.
In some instances, the lender may require that you attempt to sell your home for at least 90 days before it will consider accepting a deed in lieu.
A deed in lieu is a good option for a homeowner who has no interest in keeping or selling his property but wants to avoid a foreclosure.
This is a better alternative to foreclosure for both the borrower and the lender. The lender avoids the fees and costs associated with a foreclosure and the borrower avoids a deficiency judgment and the stigma of foreclosure.
There may be tax consequences when obtaining a deed in lieu. Consult a tax advisor to better protect yourself.
If you feel a deed in lieu is a good option for you, please call our office to discuss.
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