Re: Deed in Lieu of Foreclosure

Posted by steele in minnesota on October 22, 2007 at 08:24:33:

In Reply to: Deed in Lieu of Foreclosure posted by Eli on October 22, 2007 at 07:08:17:

Deed in Lieu is giving the deed back to the lender instead (in lieu) of them foreclosing. No, it really can't be done if there are two lenders. Can't give them same property to both of them.

The primary reason to do this (when it is an option) is that it is better on your credit. But it also lets you get on with your life more quickly.

Remember that lenders do not have to offer this option. Whether they will consider it is up to them and their policies.

Steele

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