Deed in Lieu of Foreclosure or Deed in Lieu

A Deed In Lieu (DIL), which is the term commonly used for Deed In Lieu of Foreclosure, is a home disposition option in which a mortgagor voluntarily deeds collateral property (their home) in exchange for a release from all obligations under the mortgage.

An interesting misconception about a DIL of foreclosure is that many people feel they can just give the home back to the bank at any time, without meeting any qualifying criteria. This is not true.

California Foreclosure Moratorium Scam – Assembly Bill X2 7

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