Deed In Lieu of Foreclosure In San Diego

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A deed in lieu of foreclosure in San Diego occurs when an owner gives a deed to the property to the lender in order to avoid the foreclosure process. Why aren’t there more deeds given in lieu of foreclosure?

Benefit: Saves the lender time and expense of a foreclosure.

Benefit: If accepted, the owner is done with the house.

Benefit: Get the bank to accept the property in full satisfaction of the entire debt, so that the owner will not be chased by any debt collectors after the recording of the deed.

Benefit: The owner can negotiate a smooth transition out of the property.

Disadvantage: The effect on a homeowner’s credit score. Lenders still view this as a foreclosure within regards to future lending.

Disadvantage: A lender does not have to accept a deed in lieu. There have been owners who have written out a deed, recorded it and sent it to the lender. They do not have to accept it.

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