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Deed In Lieu of Foreclosure

Deed in lieu of foreclosure is one method homeowners can use to avoid a looming foreclosure . Many people think that a deed in lieu of foreclosure will preserve your credit. While in theory it is possible for this option to look better on a credit report than a foreclosure, but in most cases it doesn't happen. Besides, getting a mortgage lender to accept a deed in lieu of foreclosure in nearly impossible in today's foreclosure epidemic is nearly impossible because the lending companies simply do not have the man-power to consider such requests from delinquent homeowners.

A deed in lieu of foreclosure requires the homeowner to relinquish their rights in a home to the mortgage lender in exchange for being released from liabilities specifically named in the loan documents; a deed in lieu of foreclosure can often be the result of a settlement. The homeowner or original borrower is released from having a foreclosure on his or her credit history.

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