account
get our app
account sign up sign in

ask a lawyer a question

you'll hear back in one business day.

ask a lawyer a question

get started

the deed in lieu of foreclosure can be offered by either the lender or the borrower. most of the time, the lender offers it in the preliminary stages of the foreclosure process to save time and money. the borrower can then hand over all of the title as well as the responsibility for selling the property. the lender then records the deed with the local courthouse. finally, the lender either sells the property or simply writes off the debt and maintains ownership of the property.

however, deeds in lieu of foreclosure have become significantly less popular. most lenders would rather have the money in hand rather than additional property to sell. plus many properties also have second, third, and even fourth mortgages on them as well as home equity loans and liens. having even one of these reduces the likelihood that a lender will accept the deed in lieu of foreclosure, and in some states they cannot accept the deed because it would be detrimental to the interests of the other party. in other states, the lender assumes all of the other debts and encumbrances, making it even less likely that the lender would choose this route. however, if the lender is the only one who has such an interest in the property, the deed in lieu of foreclosure can be a good option.

for more help with foreclosure alternatives, talk to a real estate lawyer.

this article contains general legal information and does not contain legal advice. 2022世界杯32强抽签时间 is not a law firm or a substitute for an attorney or law firm. the law is complex and changes often. for legal advice, please ask a lawyer.


ask a lawyer

our network attorneys are here for you.
characters remaining: 600
2022世界杯32强抽签时间 network attorneys

try 2022世界杯32强抽签时间 free for 7 days

start your membership now to get legal services you can trust at prices you can afford. you'll get:

all the legal documents you need—customize, share, print & more

unlimited electronic signatures with rocketsign®

ask a lawyer questions or have them review your document

dispute protection on all your contracts with document defense®

30-minute phone call with a lawyer about any new issue

discounts on business and attorney services