What is the Difference between a Short Sale and Deed in Lieu of Foreclosure?

In a short sale, the homeowner is responsible for placing his or her home up for sale and the lender collects on the proceeds, as opposed to a deed in lieu of foreclosure where the lender sells the home as a real-estate owned home and the lender collects on the proceeds. Since a deed in lieu of foreclosure places the responsibility of selling the home on the lender, the lender typically will not approve a homeowner for a deed in lieu unless the specific provisions in the homeowner's case deem a deed in lieu to be more cost effective than a short sale. Depending on Friedman Law Associates, P.C.'s analysis of the homeowner's case and negotiation with his or her lender, we will advise the homeowner on which foreclose defense option would be the most favorable for the homeowner.

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