explain deed in lieu of foreclosure

Posted by patricia rushing on August 18, 2002 at 06:36:39:



I have recently remarried. Now we have 2 homes in different cities. We can afford only 1 and are too far away to rent other. Tried to sell but market is depressed and cannot afford to wait 6mo - year to sell. Is deed-in-lieu of foreclosure option. I just heard of it and do not understand...HELP

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