The other day I had a buyer question from an individual I was working with in search for their new home. The question was ..... what does a deed in lieu mean. The correct terminology is deed in lieu of foreclosure. This refers to a mutual agreement under which the current owners who typically are delinquent in their mortgage payments deed the property back to the lender in return for various considerations. These considerations are usually a release from the liability under the loan terms.
This is usually quick, no foreclosure costs are involved, and the rights of the third parties who have interests in the property remain the same.
A person who is thinking about doing this to avoid foreclosure must keep in mind that a deed in lieu of foreclosure can not be used if the home owner is going through a bankruptcy and is trying to have their home not being included in their assets. Therefore, the home owner must be solvent at the time of the voluntary transfer.
If you have any questions pertaining to the search for your new home, please feel free to visit my web site at:
BertSellsToledoHomes.com Your Resource for Sylvania Ohio and all of the other Toledo Ohio Areas at Key Realty. You can also contact me at bertspangenthal@bex.net, or text /call me at 419-346-1458.
Oh by the way........I am never to busy for your Referrals
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