The last alternative to avoid foreclosure.
A deed-in-lieu involves the homeowner signing over their home’s deed to their mortgage lender in exchange for the lender not foreclosing on the home. This is usually considered a very last alternative.
This sounds ideal to most distressed homeowners; they hand over the deed to the mortgage lender and walk away problem-free.
But the truth is that lenders will usually not accept a deed-in-lieu until after the homeowner has tried a short sale. In other words, the mortgage lender would rather have the homeowner pay their mortgage than foreclose on the home.
Lenders are in the lending business; not in the home buying and selling business.
In short, lenders do not want to waste their time and money on selling a property they foreclosed on. Only after all else fails, the lender may accept a deed-in-lieu. Or they may even decide to move forward with the foreclosure; it all depends on the situation and the lender.
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