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MORTGAGE DEFAULT RESOLUTIONS Deed-in-Lieu-of-Foreclosure You will not be able to save your home by using a Deed-in-Lieu-of-Foreclosure because you have to sign over all of your rights to your house to the bank or mortgage company. The lender will then sell your property.If you have any equity in your property, a Deed-in-Lieu-of-Foreclosure is definitely not a good idea. If you use a Deed-in-Lieu-of-Foreclosure, you will probably not receive any money left over from the lender’s sale of your home if the selling price was more than what was owed on your mortgage. However, you could possibly avoid a deficiency judgment by using a Deed-in-Lieu-of-Foreclosure if the lender’s sale of your property fails to cover what you owe on your mortgage. In most states, the lender can only get a deficiency judgment if a law suit is filed to foreclose. Again, it’s a good idea to check with your attorney before you proceed. |