Cash For Keys: Homeowners Get Paid To Move By Bank Foreclosing on Them
October 3, 2009 by Pete Mitchell
Filed under All Posts, Foreclosure Scams
I just read a really interesting article in the Chicago Sun-Times. It’s talking about the fact that when a lot of people are being foreclosed on and they’re forced out of their homes, they end up stripping the home of everything valuable.
Deed in Lieu of Foreclosure or Deed in Lieu
September 14, 2009 by Pete Mitchell
Filed under All Posts, Foreclosure Scams
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.
