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Deed
in lieu of foreclosure. The
act of giving a property back to the lender without
foreclosure.
For
instance, John builds a new home with intent to sell. It
has a balance of $150,000. However, after completion and
listing, it does not sell. John is unable to continue to
pay the interest on the construction loan and it goes into
default. Rather than allow foreclosure, the lender asks
for the deed. This would be considered deed in lieu of
foreclosure.
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