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Deed in Lieu of Foreclosure:

Also known as a 'friendly foreclosure,' a deed in lieu allows the homeowner to return the property to the lender rather than go through the foreclosure process. Lender approval is required for this option, and the homeowner must also vacate the property.

Benefit: Many times in a successful deed in lieu, the lender will forego their right to a deficiency judgement.

Drawback: Requires that a homeowner vacate the property, and a deed in lieu may be reported to credit bureaus as a foreclosure.

This represents only a summary of one of the solutions available to homeowners facing forclosure. Please call me today for a FREE confidential evaluation of your individual situation, property value, and other possible solutions.