Deeds in lieu of foreclosure in Louisville, KY may help avoid foreclosure. Nick Thompson explains your options. Call today.
A deed in lieu of foreclosure only means you automatically and immediately lose possession of the home. A deed in lieu will not normally be accepted when there are other liens, such as tax liens, against the home or a second mortgage. Rather, each lien and mortgage has to agree to release their lien to…
Definition: A deed in lieu of foreclosure is when the homeowner turns the deed over to the mortgage company to avoid foreclosure. The bank may agree to a Deed in Lieu of Foreclosure to not pursue you for a deficiency. But, unfortunately, it still causes a tax problem. Even if the mortgage company agrees to…