How do I begin a “deed in lieu of foreclosure”?

Asked on September 4, 2012 under Real Estate Law, Maryland

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Have you consulted with an attorney as to your options other than a deed in lieu of foreclosure?  Like a short sale?  If this is your last resort you or your attorney should contact your lender but do not be surprised if they do not accept your offer. Often they would rather accept the cash from a short sale than be saddled with real estate.  If they do accept then make sure an attoney reviews the agreement and any right to collect a deficiency is waived.  Good luck.


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