What is a Deed in Lieu? (Cash for Keys)
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- เผยแพร่เมื่อ 8 ก.พ. 2025
- This video explains what a Deed in Lieu is and when it can be a good loss mitigation option to consider if you're behind on mortgage payments and wanting to get out of the home.
If you're considering a Deed in Lieu - you should also consider a short sale as both of these options help underwater homeowners settle their debt.
The information is general and not intended to be legal advice. Contact a foreclosure defense attorney in your state for advice specific to your situation or contact your lender for lender-specific instructions.
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Amazing content ! ❤
Thank you so much! What a helpful information :)
Thanks!
I here because i am going to deed in leiu my first house. 🙃
Thank you for this helpful info! We hear people frequently use the term "Performance Deed" when referring to a buyer giving the property back to the seller and/or lender if/when they cannot pay the mortgage vs having that seller/lender foreclose on them.
Is a Performance Deed the same thing and/or achieve the same end result as a Deed in Lieu of Foreclosure?
I don't know the answer to that as I do not work with performance deeds - you should find an attorney in your state to ask that question to.
@@nadiakilburn-mortgageforec3635 Thank You!
Thank you so much. Best explanation I've heard so far. I need help. Are you willing to give advice?
Only if you're in Washington state!
what are the pros and cons of buying a property via auction with a deed in lieu agreement?
Hello! These two things are not really comparable. A Deed in Lieu is an agreement where a homeowner who is facing foreclosure agrees to deed the property back to their mortgage lender instead of having the home go to foreclosure. Buying a home as a buyer at a foreclosure auction is a different transaction all together. Hope that helps.
Thank you. I'm a mobile closing notary in Spokane. This info is pure gold. 🌈
Glad it's helping!
Did I hear you mention a Debt Deficiency Letter? If not at what is the deficiency negotiated and put in writing?
Hello! When a deed in lieu gets executed, the home is underwater meaning, the reason the borrower goes through the deed in lieu process is because they cannot sell it and pay off the mortgage in full. The deed in lieu documents that the bank issues should have deficiency waiver language - meaning, the bank should agree that the taking back of the property through the deed in lieu satisfies the mortgage in FULL - this is called "deficiency waiver language" and ensures that the homeowner will not be pursued after the deed in lieu by the bank. Hope this helps!