What is a deed in lieu?

A borrower who can no longer afford their mortgage payment can also file for a deed in lieu of foreclosure. By definition, a deed in lieu occurs when a homeowner hands over the deed of their home to his or her lender (i.e. gives it back to their lender) in exchange for the lender's promise not to initiate any foreclosure proceedings. Once the deed is legally owned by the bank (i.e. a real-estate owned property), the bank puts up the home for sale and collects the proceeds from the sale.

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