Real Estate Terms Glossary
What is a Deed-in-Lieu of Foreclosure?
Note that a deed in lieu of foreclosure serves as a loss mitigation (or foreclosure avoidance) measure. It is a document used to transfers a home's or property’s title from the owner to the bank holding the mortgage. If it is evident that you can’t make payments on time, agreeing to this might be the most suitable alternative for numerous reasons, such as quick settlement.
Examples of Deed-in-Lieu of Foreclosure
- Example 1: The special warranty deed
Here’s Investopedia’s definition of a Deed-in-Lieu of Foreclosure .
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