deed in

If you have heard of the term deed in lieu of foreclosure, it might sound a bit funny. What is a deed in lieu of foreclosure? Obviously, the bank gets the deed if they foreclose on the house. A deed in lieu of foreclosure is when a Philadelphia homeowner decides that are willing to give the home back to the bank prior to the bank actually foreclosing on the property. Homeowners do this to get the bank off their back. They are tired of the problems with payments, phone calls, and debt.

This might be a viable alternative for some people. However, remember that deed in lieu may have tax consequences and you could have other consequences that you wouldn’t have with a Philadelphia short sale. A Philadelphia short sale is a great alternative because it allows you to maintain your home and sell it at the highest price possible. This reduces the amount of money that the bank has to forgive, putting you in a better position long term. It may also have a more favorable impact on your credit score.