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LET'S TALK ABOUT: DEED-IN-LIEU OF FORECLOSURE
LET'S TALK ABOUT: DEED-IN-LIEU OF FORECLOSURE
By: Elaine VonCannon ABR, SRES, REALTOR, Notary, Team Leader, Residential and Commercial Property Manager, Managing Partner VonCannon-Starke Commercial Division, Member of the National Association of Residential Property Managers, Award Winning Agent, RE/MAX Hall of Fame, Licensed in Virginia, Member of Commercial Council VAR
 
As the name sounds, a deed-in-lieu of foreclosure is a process in which the deed to a home is signed over to the mortgage company in return for them forgiving all, or a significant portion, of your mortgage loan. You are giving your property to your lender in exchange for a release of your mortgage repayment obligation. The advantage to you is that it immediately releases most or all of the defaulted loan. You also avoid a full public foreclosure proceeding. You may receive more generous terms than in a court ordered foreclosure. The advantages to a lender are to minimize their losses... and a significant reduction in the time, expense and red tape, involved in a foreclosure proceeding.
Despite the fear of calling the lender to inform them of a financial hardship or asking for help, homeowners should just contact their bank or mortgage company and ask them what they ... more

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