Re: Deed in Lieu?
Posted by Karen on October 31, 2002 at 17:13:17:
In Reply to: Deed in Lieu? posted by Karrie on October 23, 2002 at 16:56:40:
A Deed in Lieu is bassically when owners, who know they cannot reinstate the loan and foresee no buyers, can turn the property over to the bank and avoid thetrauma of foreclosure. Often times thisaction will reduce the negative impact onhis credit. A Deed in Lieu of foreclosuretransfers the property to the lender.
The owner may issue a Deed in Lieu within(Most states have different regulations; check your state laws for time periods)
