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Deed in Lieu

What is a Deed-In-Lieu? For persons facing foreclosure of their property, a Deed-In-Lieu of foreclosure is a disposition option in which a mortgagor (property owner) voluntarily deeds collateral property (homeowners house for example) in exchange for a release from ALL obligations under the mortgage.

Want to know more on this subject? for Frequently Asked Questions (FAQ) on the U.S. Department of Housing and Urban Development (HUD) website.