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 the
trauma of foreclosure. Often times this
action will reduce the negative impact on
his credit. A Deed in Lieu of foreclosure
transfers 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)

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Comments:
: 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 the
: trauma of foreclosure.  Often times this
: action will reduce the negative impact on
: his credit.  A Deed in Lieu of foreclosure
: transfers 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) 


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