Deed in Lieu of foreclosure

A real estate deed used to convey title to a property from the current owner to the owner's lender or creditor. This deed is normally used when the current owner is in default or foreclosure proceedings. By voluntarily surrendering the property, both parties avoid the costs and delay of further legal proceedings. The lender receives title without going through the usual court and auction process; in exchange, the loan is terminated. Similar to the power of sale clause, this is a type of non-judicial foreclosure . For more information, see the "All About Deeds" and "Everything You Need To Know About Foreclosures" articles in the "Real Estate In-Depth" section.

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