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What is a deed in lieu of foreclosure?

A deed in lieu is an agreement between the lender and the borrower to avoid the foreclosure process. The borrower agrees to give title to the lender and the lender agrees to allow the borrower to walk away from the property without any additional obligation. The agreement determines whether the borrower will owe any additional amount to the lender [if the property is upside down or if there is any past due amount that the lender will not forgive].
To obtain a deed in lieu of foreclosure, it’s best to contact a specialized attorney that practices Real Estate law or a foreclosure attorney.

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