Also known as a ‘friendly foreclosure’, a deed in lieu allows the homeowner to return the property to the lender rather than go through the foreclosure process. Lender approval is required for this option, and the homeowner must also vacate the property. Imperial can advise you on this option.
Many times in a successful deed in lieu, the lender will forego their right to a deficiency judgment.
Requires that a homeowner vacate the property, and a deed in lieu may be reported to credit bureaus as a foreclosure.