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Helene Moore, Real Estate Pro in Henderson, NV

Can anyone explain Deed-in-Lieu of Foreclosure? Thanks Helene Moore

Asked by Helene Moore, Henderson, NV Thu Apr 10, 2008

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HI Helene, ok what this means is that the seller of the property is giving the peoperty back to the bank, rather then go through the full foreclosure. FYI the bank does not have to accept it, so here are a few guidelines (in most cases) the lender will require that the house has ben on the market a min. of 30 days, the seller will still have to submit hardship letter and other required docs. showing why they can not pay for this house etc. The bank is not required by law to take a property back under deed in lieu, your seller needs to know this. Giving the property back will still effect their credit but hopefully not as bad as a full foreclosure... Hope this helps!
Leanne Smith
1 vote Thank Flag Link Thu Apr 10, 2008
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