Deed in Lieu
A deed-in-lieu (DIL) of foreclosure is a voluntary conveyance of title to the lender. Generally this is a last ditch effort by the borrower to avoid the negative consequences of foreclosure. In return for the voluntary conveyance to the lender, the borrower is often released of any personal responsibility for the mortgage. If there is a second loan on the property or any other liens, the first most likely will not take the deed-in-lieu.
We would love to talk with you face to face to discuss the options available to you. However, we also request you do your homework and review your situation with a real estate attorney and/or tax expert to make sure the option that you have chosen is best for you. Each circumstance is different. Each loan, family and situation is unique and "one size does not fit all"
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Last Updated ( Thursday, 18 June 2009 )
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