When to Use a Deed in Lieu of Foreclosure

Our main foreclosure blog examines the deed in lieu of foreclosure today. The deed in lieu is usually used as a last option by homeowners in foreclosure. It does not save the credit, or pay the loan off in full, but it is a one last chance for the homeowners to bail out of the property.

Few homeowners know about them, though, because, for the deed to be valid, it must be voluntarily given by the homeowners. Therefore, lenders usually will not raise the issue first unless the homeowner does.

To read more of the blog entry, including what to expect when giving the bank a deed in lieu of foreclosure, please visit our site here.

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