Legal Question in Real Estate Law in Ohio

deed in leiu of foreclosure

How does a deed in leiu of foreclosure work? Can the lender come after you for a deficiency?

Asked on 8/26/08, 6:55 pm

1 Answer from Attorneys

Robert Rosplock Rosplock & Perez
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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.

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Answered on 8/27/08, 9:07 am

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