Many lenders are using Deeds In-Lieu in hopes that the number of homes they have in inventory will lessen. There are federal programs that offer cash incentives to borrowers who are underwater. The borrowers have to give the property to the lender but they might have an opportunity to walk away with at least some cash. In some cases up o $15,000! Deeds in-lieu also don’t damage credit ratings as dramatically as a foreclosure. Some lenders feel that they can sell the property much quicker than if they went through a short sale procedure. Deeds In-Lieu- good or bad? What do you think?
July 18, 2010
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