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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