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Deeds In Lieu of Foreclosure

This article provides information on deeds in lieu of foreclosure. This article is excerpted from Deed in Lieu of Foreclosure by Judon Fambrough, published by the Real Estate Center at Texas A&M University.

 

Stopping Foreclosure: Options

Homeowners have some options for ending the foreclosure process:

  • Paying off the debt before the foreclosure sale begins (known as an equity of redemption);
  • Refinancing the debt with another lender (poor credit records or the time needed to complete the transaction may make this impossible);
  • Selling the property and paying off the debt; or
  • Conveying the property back to the lender in exchange for cancelling the debt, known as a deed in lieu of foreclosure (DILF), and it requires the lender’s consent and cooperation.

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