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What is a Deed In Lieu of Foreclosure?
A “deed in lieu of foreclosure” or a “deed in lieu” is a document that conveys title to real estate to a lender when a borrower can no longer make payments pursuant to the agreed-upon loan documents. Instead of the lender initiating a foreclosure action to recover the amount that is owed, the parties can agree on terms which ultimately results in a transaction in which the borrower conveys the title to the real estate back to the lender via a deed in lieu of foreclosure. A
