Deed-in-Lieu of Foreclosure
To both borrower and the lender, the deed in lieu of foreclosure offers several advantages. The biggest advantage to the borrower is that it will immediately release you from all or most of the personal indebtedness associated with the defaulted loan. You also avoid the public notoriety of a foreclosure proceeding. Also, you may receive more generous terms than you would in a formal foreclosure.
If you have been unable to make your monthly mortgage payments and have also been unsuccessful trying to sell your home, you might want to consider a Loan Modification to get better terms so you can stay in your home.
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