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How to use a Deed in Lieu of Foreclosure to Sign over Your Home
lawrencemiele edited this page 3 months ago
A deed in lieu of foreclosure (DIL) is an option for preventing foreclosure however still break free from unaffordable home payments. You can willingly move ownership to your lender-your deed-instead of or in lieu of waiting on them to foreclose on your home.
You would essentially sign the deed over to them, and your lending institution releases you from the commitment to make any more payments toward your mortgage loan.
Key Takeaways
- While a DIL will still harm your credit, it isn't rather as destructive as a foreclosure.
- A DIL won't always negate your loan responsibilities