Foreclosure
Law Definitions
Deed-in-lieu
The lender may agree to allow the homeowner to
voluntarily give back the property and forgive the debt.
Although this options sounds like the easiest way out,
generally, the homeowner must attempt to sell the home for
its fair market value for at least 90 days before the
lender will consider this option. Also, this option
may not be available if the homeowner has other liens such
as judgments of other creditors, second mortgages, and IRS
or State Tax liens.
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