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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