Legal Question in Real Estate Law in Illinois

Re: foreclosure

"Deed in Lieu" means that instead of going through the foreclosure process you transfer title back to the mortgage company.

Be aware, that if you do this, there may be an income tax liability for money you never received.

email me if you have any questions.

Re: foreclosure

First of all, let me apologize for the delay in answering your question. A deed in lieu is a potential way to avoid foreclosure, although not the only way. It means that the grantor is transferring title to the property right away to their lender. Of course, it usually only works if there's one mortgage because they're getting title with whatever the owner had on there (second mortgages, etc.)