Definition of Deed-in-Lieu:
Deed in Lieu of Foreclosure Orange County:
Deed in lieu of foreclosure is a way for a borrower in Orange County to get out of a home loan. A person who can’t or won’t pay their loan may try a deed in lieu of foreclosure transaction. Instead of going through the foreclosure process the homeowner will give their keys to the lender. Although damaging to their credit it might be less damaging that a full foreclosure.
Why would a lender accept a deed in lieu of foreclosure in Orange County, California? Because it is a heck of a lot easier and faster – and far less expensive that the foreclosure process. On top of that they can take control of the property immediately instead of allowing the borrower to stay in the home during the foreclosure process without making any payments and therefore collecting no interest.