Deed in Lieu of Foreclosure

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As the name implies, a deed in lieu of foreclosure is a deed from a homeowner to his bank in place of a foreclosure. Typically, the bank will accept ownership of the house in exchange for cancelling the debt and mortgage of the homeowner. Although this may seem like a simple solution for both the bank and the homeowner who cannot afford his mortgage, banks are often reluctant to accept these deeds.

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