Results for tag: "Deed In Lieu"

A Deed in Lieu of Foreclosure (DIL) is a process in which a homeowner voluntarily transfers ownership of their property to the mortgage lender in order to avoid foreclosure. The homeowner must be in default on their mortgage and must have no other options to avoid foreclosure. The lender must agree to accept the deed in lieu of foreclosure and must agree to release the homeowner from any further obligation on the mortgage. The deed in lieu of foreclosure is a way for the homeowner to avoid the lengthy and costly foreclosure process. The deed in lieu of foreclosure market is a growing segment of the mortgage industry. It is an attractive option for lenders, as it allows them to avoid the costly and time-consuming foreclosure process. It is also an attractive option for homeowners, as it allows them to avoid the negative consequences of foreclosure, such as damage to their credit score and the potential for legal action. Some companies in the deed in lieu of foreclosure market include Bank of America, Wells Fargo, Chase, and US Bank. Show Less Read more