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What Is a Deed-in-Lieu of Foreclosure?
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A deed in lieu of foreclosure includes a house owner transferring ownership of their home to their mortgage loan provider rather (" in lieu") of going through the foreclosure process. It's just one method to prevent foreclosure, however, and isn't right for everyone facing troubles making their mortgage payments.
How a deed in lieu of foreclosure works
A deed in lieu of foreclosure - likewise called a "mortgage release" - permits you to avoid the foreclosure procedure by releasing you from your mortgage payment obligation. You willingly quit ownership of your home to your loan provider, and in doing so may be able to:
- Stay in the home longer
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