A Deed In Lieu is a legal agreement that keeps homeowners away from foreclosures. Deed in lieu of foreclosure takes place between the homeowner and the lender. It may help you avoid being liable for any remaining mortgage amount. Borrowers can even ask lenders for their relocation expenses, sometimes called cash-for-keys through private programs. After the completion of the deed in lieu, the lender tries to sell the property to recover the remaining loan amount.
Pros and Cons of Deed In Lieu
There are some Pros and Cons of Deed In Lieu. They are as follows:
Pros
- May be advantageous to buy a house quickly.
- It will have a lower bad impact on your credit card score as compared to a foreclosure.
- Embarrassment can be avoided because your home will not be listed as foreclosed.
Cons
- The homeowner will lose the ownership of your home and any equity that you might have.
- You may not be able to opt for other options like mortgage relief or loan modification.
- You will have to leave your home very soon.
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