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What Is a Deed-in-Lieu of Foreclosure?
Why use LendingTree?
A deed in lieu of foreclosure involves a property owner moving ownership of their house to their mortgage loan provider rather (" in lieu") of going through the foreclosure process. It's just one way to avoid foreclosure, however, and isn't ideal for everyone dealing with difficulties making their mortgage payments.
How a deed in lieu of foreclosure works
A deed in lieu of foreclosure - likewise called a "mortgage release" - permits you to avoid the foreclosure process by launching you from your mortgage payment obligation. You voluntarily give up ownership of your home to your loan provider, and in doing so might have the ability to:
- Remain in the home longer
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