Deed In Lieu (of Foreclosure) at Legal Glossary

What is it? A means of escaping an overly burdenome mortgage. If a homeowner cant make the mortgage payments and cant find a buyer for the house, many lenders will accept ownership of the property in place of the money owed on the mortgage. Even if the lender wont agree to accept the property, the homeowner can prepare a quitclaim deed that unilaterally transfers the homeowners property rights to the lender.

Law Definition Added By: Erin

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