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[GRAPHIC: Price Law Firm, PLC Attorneys at Law Deed in Lieu]
[GRAPHIC: Price Law Firm, PLC Attorneys at Law Go to www.cpricelawfirm.com for a free DVD about the following: Mortgage foreclosure Homeowner's Associations Avoiding foreclosure Keeping your home Short sale Secondary mortgage Modifications Home affordable program and much more]
MALE VOICE: Deed in lieu. A deed in lieu is what it sounds like. You're saying, okay, instead of doing the foreclosure, Lender, I'm going to take the deed and you just take it in lieu of the foreclosure. That's what it means then. Take it back. We're done. Okay? You don't have to do the foreclosure. We don't have to go down that road.
Why would you do that? You know, why not just do the foreclosure and why not fight? Well, the goal of doing the deed in lieu generally is to avoid a deficiency on the sale of the property. A deficiency means you owe more than it's worth. So when it goes to sale, there's this much left over that you still owe to the lender.
[GRAPHIC: Price Law Firm, PLC Attorneys at Law Go to www.cpricelawfirm.com for a free DVD about the following: Mortgage foreclosure Homeowner's Associations Avoiding foreclosure Keeping your home Short sale Secondary mortgage Modifications Home affordable program and much more]
