give the house to bank: Would You List a House For 90 Days to Run The Clock For a Deed-Lieu-of-Foreclosure? - 11/20/10 02:56 PM
Banks sometimes aggressively market the deed in lieu option to homeowners who are behind on payments, even though a short sale is usually a much better solution for the homeowner and for the banks themselves.
However, the banks stipulate to the homeowner that the house has to be listed for 90 days before they can execute a deed in lieu of foreclosure. A deed-in-lieu of foreclosure is sometimes called "giving the house to the bank".
As a Louisville Realtor who specializes in negotiating short sales for homeowners, I get calls from distressed borrowers who want me to list the house for … (1 comments)