Deed in Lieu of Foreclosure

In this podcast, attorney Steve Migala discusses what a "deed in lieu of foreclosure" is and its advantages. A "deed in lieu of foreclosure agreement" is a contract between a defaulting borrower and a lender who has filed or is contemplating a foreclosure proceeding. The parties agree to settle the matter by having the borrower voluntarily surrender the real property to the lender in exchange for the avoidance of the foreclosure proceeding, which may include the lender's agreement to release or limit remedies against the borrower, any guarantor or other collateral.