Posted on: 20th Jan, 2010 09:52 am
what will be a good reason for the bank to accept a deed in lieu. How can I better the chances of the bank accepting a deed in lieu
The benefit of deed in lieu rather than foreclosure for a lender is the avoidance of foreclosure costs. A deed in lieu must be voluntary on your part and it is on your shoulders to pursue it with your lender if desired. However, a bank can't pursue a judgement against the default borrower once the deed in lieu is accepted, definitely a benefit to the default borrower. Good luck.