Deed In Lieu Of Foreclosure

Definition of "Deed in lieu of foreclosure"

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.

Have a question or comment? We're here to help.

Search Real Estate Terms

Popular Real Estate Terms

Short Sale

An agreement between a mortgage borrower in distress and the lender that allows the borrower to sell the house and remit the proceeds to the lender. ...

Deed In Lieu Of Foreclosure

Deeding the property over to the lender as an alternative to having the lender foreclose on the property. ...

Payment Problems

When a borrower has difficulty making the scheduled payment. Position of the Lender: A good place to start is by understanding the position of the l ...

Residential Listing

List of dwelling units, such as homes. ...

House Poor

Buying more house than a buyer can afford based on his or her income. ...

Plot Plan

Scale drawing or diagram illustrating the proposed use of a land plat property. ...

Popular Real Estate FAQ

What Is An Appraised Value?

An opinion of a properties fair market value, based on an appraisers inspection and analysis of the property. ...

What Is Cooperative?

Cooperative is a form of home ownership in which you own shares in a corporation. In return for the purchase of shares, you are allowed to live in a u ...

What Is PITI And What Does It Stand For?

PITI is the total monthly payment you make on a house-Principal, Interest, Taxes, and Insurance. ...

What Is A Buyer's Agent?

On most transactions, there is usually a listing agent and a selling agent. The selling agent is sometimes referred to as the buyer\'s agent, because ...

What Is A Basic Policy?

A basic policy is a homeowners insurance policy that covers certain perils. ...

What Is An Easement?

An easement is the right given by the landowner to use the property. ...

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

Agents join here

Add our widget on your Website

Real Estate Advice

3 tips to ensure your sale goes through Build or Buy? That’s the Big Question Should you Buy a Home with Cash? What is Hazard Insurance? What is Earnest Money

FAQ

What is a maintenance fee? Do I need Earthquake Insurance? I looked at a property yesterday with a REALTOR® who seems to be clueless. I am really interested in purchasing the property, though. Can I switch agents and still make the purchase? What is a point? What do I need to know about Managed Care Insurance: HMO, PPO, & and POS plans?