I went through with the deed in lieu of foreclosure. Am I still liable for the outstanding debt on the mortgage?
Generally, when a borrower executes a Deed in lieu of foreclosure, the lender promises to discharge the borrower from a potential deficiency in exchange for title to the property. However, just to be sure, it is best that the borrower gets the lender to agree to a waiver of deficiency in writing.
If you have any further questions about foreclosure, please contact us.