What is a Deed in Lieu of Foreclosure, DIL, Cash for Keys Short Sales – ask a GA Short Sale Expert

What is a Deed in Lieu of Foreclosure, DIL, Cash for Keys Short Sales – ask a Buford, Dacula, Suwanee GA Short Sale Expert.


A deed in lieu of foreclosure aka (cash for keys) is when a home owner conveys all their interest in a property to the lender in order to avoid foreclosure proceedings. In the typical deed in lieu of foreclosure scenario, the mortgagee is in default i.e has not been making his or her mortgage payments.

Proceeding with the deed in lieu of foreclosure offers advantages to both the home owner and the lender.

The advantages to the borrower include the potential release from a large debt, less impact to your credit scores than a foreclosure, and also the avoidance of the public embarrassment of going through a foreclosure.

The lender would consider a deed in lieu because it saves them the time and expenses involved with a repossession. Most often when a bank agrees to do a deed in lieu of foreclosure the fair market value of the property is what the lender will be looking to receive.

In many cases the current value of your home is much less than the remaining mortgage balance.

In this scenario the bank may or may not agree to a deed in lieu. Most of the time a bank will not do a deed in lieu if there are 2nd mortgages, home equity loans, or tax liens against your property.

Another option besides a deed in lieu is what is known as a short sale. A short sale is a legal lender approved solution designed to assist those home owners who are financially strapped to get out from under their mortgage debt.

A short sale is negotiated through the mortgage holder of an owners home where by the mortgage holder agrees to take less than what home owner owes on the property. A short sale is the more common route to avoiding a foreclosure. In today’s tough economic environment most lenders will now consider doing a short sale.       


Remember banks are not in the business of owning Real Estate. They would much rather do a short sale than be saddled with marketing, selling, and possibly fixing up a home in order to sell.

This is one of the biggest reasons why the short sale is the more common route to avoiding foreclosure than a deed in lieu.

If you have come under financial stress and are considering a short sale to avoid foreclosure, I would recommend reading the article I wrote Foreclosure avoiding it through a short sale or loan modification.

The article discusses in depth what a short sale and loan modification are and how they can help you get out from under your mortgage debt.

Some of the comments in this article are as good as the post itself as many of them are written by Real Estate experts on the topic.

If you live in the Metrowest Massachusetts area and are thinking about a short sale, I would be happy to discuss this situation with you confidentially

I’ll show you how to short sale your property and never pay the bank another penny.

Send me an e-mail at rlorans@gmail.com. I will contact you for a free consultation. When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (770) 866-2561.

Discover how other sellers successfully completed a short sale and request a free consultation.
Thinking about a loan modification? Our Atlanta Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender.

Thanks for reading this, Roland Lorans.

Roland is a Real Estate Agent at Better Home and Gardens Real Estate Metro Brokers .

Phone: (770) 866-2561 or 404-843-2500 rlorans@gmail.com.

View My homes for sale at HelpMeSaveMyHome.

Roland Lorans specializes in loan modification assistance and short sales in Dacula, Buford, Suwanee, Alpharetta and Metro Atlanta Georgia

About gashortsalepro

Roland Lorans TEAM Keller Williams Real Estate Atlanta Partners We are Realtors that do Short Sales and Help Save Houses 770-866-2561
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