deed in leiu of foreclosure
How does a deed in leiu of foreclosure work? Can the lender come after you for a deficiency?
1 Answer from Attorneys
Re: deed in leiu of foreclosure
Normally the lender releases the borrow from all further mortgage obligations in return for the borrower deeding the property to the lender. You need to be sure that the mortgage note is cancelled at the time the deed is given so there is never a claim for any deficiency balance.