Bank of America sent out nearly 100,000 solicitations to distressed homeowners to offer them a chance at a deed-in-lieu transaction. "Deed-in-lieu" refers to returning the deed to your home to a lender in order to avoid the foreclosure process. You get to walk away from your home, and the lender declares the debt resolved because you returned the home, your collateral. Many lenders have said that they will offer a variety of incentives for this type of transaction because it saves them a great deal of resorces in processing costs even though they may take a hit when they try to resell the home in today's difficult market.
pre-foreclosure
It's unfortunate but foreclosed homes currently represent half of all of all the homes sold in the US. Before the bank forces foreclosure there is in a period called pre-foreclosure which can last anywhere from two to twelve weeks. Many of the real estate gurus have made a fortune on pre-foreclosures and consider it as one of the best, if not the best, way to invest in real estate.
Real Estate – Is a Preforeclosure a better investment then ...
It's unfortunate but foreclosed homes currently represent half of all of all the homes sold in the US. Before the bank forces foreclosure there is in a period called pre-foreclosure which can last anywhere from two to twelve weeks. Many of the real estate gurus have made a fortune on pre-foreclosures and consider it as one of the best, if not the best, way to invest in real estate.