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Try a deed in lieu of foreclosure to protect your home

If you're facing foreclosure on your home, you are probably looking for any way to avoid it, so you don't have to give up the place where you've raised a family or been living for many years. Foreclosure is hard on your credit and you'll be forced out of your home if you don't take steps to avoid it. No one wants to see that happen, so one of the things you may consider is a deed in lieu of foreclosure.

Instead of deciding to foreclose on your house and then having to leave it anyway, a DIL can help keep you in your home. What this does is allow you to transfer the deed of your home to the lender who gave you the money to purchase the property. Eventually, generally when you pass away, the home is transferred into the lender's name and resold to make back the money you couldn't pay back.

A deed in lieu of foreclosure has some advantages. It can help you be immediately released from most or all of your mortgage-related debts. Your credit may not be affected or only lightly affected. Instead of a slow foreclosure, this process can move along swiftly, letting you get back to your life faster.

There are, of course, still challenges and some risks involved with this process. You may still need to pay taxes on the home and could have to make up a difference in the home's value versus the price you were lent. Our website has more information on this process, so you can weigh your options before choosing a way out of debt.

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