Deed In Lieu
Yes, you hand over the keys but there are some stipulations. If you have any liens or judgments the lenders will not take the property as a Deed in Lieu (DIL). They will still have to foreclosure to erase any junior liens to clear the title. In some instance you can negotiate a little money if you do a Deed in Lieu. In states where there is a a redemption period a mortgage company will go out of their way for a DIL to get the property back faster.
|