Deed-in-Lieu Mortgage Term Definition

Deed-in-Lieu Defined

Deed-in-Lieu: to avoid foreclosure ("in lieu" of foreclosure), a deed is given to the lender to fulfill the obligation to repay the debt; this process doesn't allow the borrower to remain in the house but helps avoid the costs, time, and effort associated with foreclosure

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The definitions of the mortgage terms have been taken from various reliable government
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