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Deed in lieu of foreclosure (DIL)
What are the advantages of a Deed in lieu of foreclosure (DIL)?

*A DIL should be used if it can be accomplished quickly (i.e., without extensive negotiation). It allows the lender to obtain ownership of the property without the cost and time delay associated with judicial or non-judicial foreclosure. This is very important in states where the foreclosure process is very lengthy (such as Florida [up to 2 years] and Ohio)

*Since a DIL is voluntary, the parties can agree upon the amount and related terms of any deficiency (and thereby avoid a dispute as to valuation), together with a release of any claims against the lender

*Since a DIL is voluntary, the lender can condition its acceptance of the DIL agreement upon receipt of such things as complete and accurate copies of the borrower's financial statements, tax records, leases, service contracts, construction plans, sale contracts, vendor payables, etc., which may result in a better "turn over" of the property to the lender (although a "friendly" non-judicial foreclosure can achieve the same result if the borrower cooperates with the lender and furnishes the information)

*The lender can condition its acceptance of the DIL agreement upon not being ... more

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