Deed In Lieu (Of Foreclosure)

Business, Legal & Accounting Glossary

Definition: Deed In Lieu (Of Foreclosure)




Full Definition of Deed In Lieu (Of Foreclosure)


A means of escaping an overly burdensome mortgage. If a homeowner can’t make the mortgage payments and can’t find a buyer for the house, many lenders will accept ownership of the property in place of the money owed on the mortgage. Even if the lender won’t agree to accept the property, the homeowner can prepare a quitclaim deed that unilaterally transfers the homeowner’s property rights to the lender.


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Deed In Lieu (Of Foreclosure). PayrollHeaven.com. Payroll & Accounting Heaven Ltd. September 28, 2021 https://payrollheaven.com/define/deed-in-lieu-of-foreclosure/.
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Deed In Lieu (Of Foreclosure). PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/deed-in-lieu-of-foreclosure/ (accessed: September 28, 2021).
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Deed In Lieu (Of Foreclosure). PayrollHeaven.com. Retrieved September 28, 2021, from PayrollHeaven.com website: https://payrollheaven.com/define/deed-in-lieu-of-foreclosure/

Definition Sources


Definitions for Deed In Lieu (Of Foreclosure) are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 22nd April, 2020 | 1 Views.