Real Estate Term of the Day: Deed in Lieu of Foreclosure
DEED IN LIEU OF FORECLOSURE – the act of giving property back to a lender without foreclosure (Barron’s Dictionary of Real Estate Terms)
If you are facing foreclosure or considering a deed in lieu of foreclosure, you should seek legal advice from a foreclosure attorney. Another great resource is the Colorado Foreclosure Hotline 877-601-4673 or http://www.coloradoforeclosurehotline.org/ . They tout that 4 out of 5 who met with a Colorado Foreclosure Hotline housing counselor successfully avoided foreclosure in 2010. For other workout options click here.
