It's yet another alternative to foreclosure. One that I don't really recommend... instead I would recommend a shortsale. Click here to learn about shortsales and how you can benefit from them if you're considering the Deed-in-lieu of foreclosure.

You may be able to deed the property to your lender/servicer and avoid a lengthy foreclosure. This would help to keep away from a long-lasting foreclosure. For information on how this will disturb your credit rating, consult an independent tax advisor. This alternative sends to the credit bureau that the economic condition was mitigated. If accepted, the Deed-in-Lieu documents will be forwarded to your banks attorney's office to finalize the procedure. Here are the required documents you will need to complete the process:

• Updated financial information for all parties on the mortgage(s)
• Interior appraisal
• Title Reports, to ensure that the property is free and clear of any debts, liens, encumbrances, and the premises are vacated
• Completed Deed-in-Lieu documents

The entire process takes roughly ninety (90) days to complete, however, it may take longer.

The quickest and best method is still the shortsale process (if you qualify). Click here for more information.

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Disclaimer: The above Real Estate information was provided by Vincent Martinez, Realtor for the #1 Real Estate offices in New York and the #4 office in the USA. Vincent Martinez is a Certified Realtor Short Sale Professional by the Long Island Board of Realtors (L.I.B.O.R.) and a member of Prudential Douglas Elliman - Licensed Real Estate Broker. Vincent Martinez does not guarantee or is any way responsible for the accuracy of the information in this blog post and information provided is without warranties of any kind, either express or implied. Information here represents the opinions and ideas of the author; comments by others may not express the views of the author. Deed-in-lieu Of Foreclosure - Another Alternative To Foreclosure Copyright © 2009 By Vincent Martinez, All Rights Reserved.

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