Deed In Lieu (of Foreclosure)
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.Added By: Erin
The Deed In Lieu (of Foreclosure) definition has been viewed 220 Time(s)!
Send To Friends!
If you'd like to send the Deed In Lieu (of Foreclosure) definition to yourself or to your friends/colleagues, just enter the e-mail addresses in the boxes below -We hope you now understand the meaning of Deed In Lieu (of Foreclosure). If you need any more information on this term, please don't hesitate to contact us.