Deed in Lieu of Foreclosure
If the home is not sold during a short sale, the lender may consider a deed in lieu of foreclosure. The homeowner transfers ownership of the property back to the lender. When the lender sells the home, the lender will receive a portion or all of the balance the homeowner owes on the mortgage note.
Banks generally require that the home is well maintained and has only one loan on the property.
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