Deed In Lieu Of Foreclosure


Definition of "Deed in lieu of foreclosure"

Michael Lauer
  Action Pro Realty

Legal document that conveys real estate to the lender after the borrower defaults on his or her mortgage payments. The borrower should demand cancellation of the unpaid balance and a confirmation letterform the lender. The lender is relieved of the inconvenience of foreclosure proceedings actions. It is a voluntary act by both borrower and lender.


Search Real Estate Glossary

 

Related Real Estate Glossary terms

Jamb

The vertical elements of a door or window frame which provide vertical support to the overall frame. ...

Hardship

Existence of a financial need which permits in-service withdrawals of funds from a section 401 (k) p ...

Federal Deposit Insurance Corporation (fdic)

Agency formed as the result of bank failures in the 1930s to insure the deposits of customers of mem ...

Superseded Suretyship Rider

Endorsement to a fidelity bond or surety bond to cover losses that occurred after lapse of the disco ...

Commercial Policy

Same as term Commercial Health Insurance: coverage that provides two types of benefits, disability i ...

Truckers Insurance

Limited special purposes policy that provides liability and physical damage insurance for owners and ...

Related Real Estate FAQ

What Is A Broker?

An agent who is authorized to open and run his/her own agency. All real estate offices have one prin ...

What Are Paid Advertorials?

Paid advertorials are articles written by public relations professionals that have just one goal in ...

What Is A Sales Contract?

A sales contract is the contract you draw up when you want to make an offer on a home. ...

What Is A Treasury Index?

A treasury index is an index used to determine interest-rate changes for certain adjustable-rate mor ...

What Are Comparables Or Comps?

Recently sold properties that are similar in size, location, and amenities to the home for sale. The ...

What Is A Debt-to-income Ratio?

A debt-to-income ratio is the percentage of a persons monthly earnings used to pay off all debt obli ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews
Read Reviews

Agents join here
Add our widget on your Website

Real Estate Advice

6 Reasons you are not selling properties Tax Breaks for the First Time Home Buyer What is Earnest Money When to Dispute Your Home Appraisal What Must I Disclose When Selling My Home?

FAQ

What is hazard insurance? I need Hospital Insurance in addition to my current health insurance policy? What is a point? What is a rate lock? What is an easement?