The deed-in-lieu of foreclosure forgives the balance of your mortgage and gives the property to the lender.

Name: The deed-in-lieu of foreclosure forgives the balance of your mortgage and gives the property to the lender.
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A deed-in-lieu of foreclosure is when the borrower transfers the property title to the lender in exchange for being released from the mortgage debt. This means that the lender now owns the property and forgives the remaining balance of the mortgage.

The Deed-In-Lieu of Foreclosure Forgives the Balance of Your Mortgage