Recently, Bank of America sent out close to 100,000 solicitations to distressed homeowners offering them a chance at a deed-in-lieu transaction. “Deed-in-lieu” means giving the deed to your home to a lender in order to circumvent the foreclosure process. You get to walk away from your house, and the lender states the debt resolved because you returned your collateral. Many lenders have announced that they will offer a variety of incentives for this type of transaction because it saves them a great deal of time and money in processing costs even though they may take a hit when they try to sell the home in today’s market.
Entries Tagged as 'foreclosure'
Dealing With The Push For Deed-in-Lieu
Sep. 7th, 2010
How To Avoid A Deficiency Judgment After Foreclosure Or Short Sale
Aug. 1st, 2010
You probably already know what a deficiency judgment is. Generally, it’s a lawsuit to collect unpaid debts, and in our business, it’s a lawsuit to collect the balance due on a mortgage after a foreclosure. Not all states allow lenders to do this, but many of them do.