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July 3, 2010

Foreclosure Alternative?

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Category: Home Sellers, Homeowner Tips, Real Estate Info


There’s been lots of talk about how to get out from under a mortgage that is more than the value of your home.  One of the possible choices is a short sale. definitely a better choice than foreclosure.  Another choice that may be often overlooked is a deed-in-lieu-of-foreclosure, or deed-in-lieu for short.

Choosing a deed-in-lieu might be a viable option for many.  It allows you to cancel your mortgage in exchange for turning over the deed to your house.  In most cases, it is a much faster process than either a short sale or foreclosure.  Another advantage is that Fannie Mae has reduced the time that a borrower has to wait from four years to two as compared to a foreclosure.

Want to know more?  Check out this article from the LA Times, or use the Contact page to phone, text or email with your questions.

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