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 Deed in Lieu of Foreclosure
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Deed in Lieu of Foreclosure seldom occurs. However when it does occur the homeowner and the mortgage company agree to cancel their relationship, usually the homeowner agrees to give up the home before the Foreclosure takes place. It works the same as a Foreclosure however it saves the lender a lot of time and money by saving them legal fees it also allows them to put the property on the market sooner hopefully saving them time and money.
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