A deed in leiu of foreclosure is when the seller gives the bank back the property and the deed to the property. Usually, they do not receive any money because they owe the bank money. It is considered a "friendly foreclosure" because the bank gets back the property to sell and try to reclaim any debt the original owner incurred.
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ARCHFEET,
A deed in leiu of foreclosure is when the seller gives the bank back the property and the deed to the property. Usually, they do not receive any money because they owe the bank money. It is considered a "friendly foreclosure" because the bank gets back the property to sell and try to reclaim any debt the original owner incurred.
Tanya