What is a deed in lieu of foreclosure? It is a deed in which a borrower conveys all interest in their property back to the lender or bank to satisfy a defaulted loan (mortgage) and avoid foreclosure. It is important that you first understand that most banks will require you to first try and short sale the property

There are 4 main advantages to the borrower!

Releases of Debt – The #1 advantage to the borrower is that it immediately releases him/her from just about all indebtedness to the bank/lender.
Public Eye -The borrower also avoids any public notices of a foreclosure proceeding
Generous terms – in most cases, the borrower will receive much better terms utilizing deed in lieu of foreclosure due to the bank’s / lender’s expense of a foreclosure.
Credit – A deed in lieu of foreclosure will have much less of a negative impact to your credit.
Times have become tough, we understand but owning a home in most cases is everyone’s dream and just because you are on hard times today does not mean you should give up.