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What is a major disadvantage to lenders of accepting a deed in lieu?

Waiting Period Before Buying A New Home A deed in lieu of foreclosure will do more than damage your credit. A borrower will need to wait four years before they can apply for a conventional loan to buy a new home.

What are the disadvantages of a deed in lieu?

The primary disadvantage to the borrower is the loss of the property, the income from the property, and the borrowers investment in the property. The conveyance of the property is also taxable. A borrowers offer to convey mortgaged property back to the lender must be truly voluntary.

What is the purpose of a deed in lieu?

A Deed in Lieu of Foreclosure, is a legal procedure where the homeowner voluntarily transfers the ownership of their property back to the lender or mortgage holder. This transfer essentially releases the borrower from their mortgage debt and helps the lender avoid the lengthy and costly foreclosure process.

How bad does deed in lieu hurt credit?

The major disadvantage to lenders of accepting a deed in lieu of foreclosure is that they take on the real estate subject to all junior liens, making them responsible for potential debts associated with the property. This risk is increased with subprime or NINJA loans where borrower scrutiny may not be as rigorous.