Deed In Lue Off
Hi Everyone, I had a conversation with a man about his home and he told me he would not be interested in anything he was working with his bank about a deed in lue of forclsure and he would work with them. Could anybody explain what he was talking about:Deed in lue of forclosure and how that works. Thanks and have a good day. :-?
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It means that he is going to sign the deed over to the bank instead of going through the foreclosure process. The bank will become the owner.
If the bank is willing to do this, then it is a little better for the owner/seller creditwise as opposed to a straightout foreclosure.
Roger