What is a deed in lieu of foreclosure?
It is a disposition option sometimes available to the mortgagor (borrower) to voluntarily deed the property to the mortgagee (lender) thereby avoiding foreclosure action.
A deed in lieu of foreclosure is a deed instrument in which a mortgagor (i.e. The borrower) conveys all interest in a real property to the mortgagee (i.e. The lender) to satisfy a loan that is in default and avoid foreclosure proceedings.
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Related Questions
Can you own two houses and let one go into foreclosure or deed in lieu while keeping the other?
What is a Deed in Lieu of Foreclosure (DIL) and when does this make sense?
What is the difference between a title deed, deed of trust and deed of reconveyance?
My neighbor died his children who s names are not on the deed want to warranty deed the property to me. Should they warranty deed, or gift?
If you do a deed in lieu what happens to the tenants living in the property?
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