What is a Deed in Lieu of Foreclosure and Is it Better than a Short Sale?

Posted on Jan 23, 2012 in Roseville and Sacramento Short Sale FAQs

Hi, I’m Mark Peek here with Keller Williams Real Estate, your Roseville and Sacramento short sale specialist. I get a lot of questions about a term called deed in lieu of foreclosure. People usually call because they want to know what a deed in lieu of foreclosure is. They’ve never heard of it before. They also wonder if they should go ahead and do a deed in lieu of foreclosure instead of a short sale. What’s the difference after all? Well, let me tell you that a deed in lieu of foreclosure is basically a homeowner raising their hand and voluntarily asking the bank to foreclose on their house.

That will put a foreclosure on your record. A lot of banks won’t even entertain a deed in lieu of foreclosure until you actually make an attempt to do a short sale. Banks typically make more money when they close short sales versus foreclosures.

My suggestion is this, if you want to keep a foreclosure off your record which I absolutely recommend, and then you need to give me a call today. Let’s talk about your options and how a short sale can benefit you. If you complete a short sale, we could potentially have that removed off your credit with credit repair. It’s always a good idea to look at all your options and make the best decision for you and your family.

So, give me a call so we can have a discussion about your specific situation. Hit the start here button at the top of the page and I’d be happy to help. Again, I’m Mark Peek with Keller Williams, Roseville and Sacramento’s short sale specialists. Thank you very much.

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