Good Afternoon and thank you for joining me today at Sold By Short Sale. I am Matt Fetick and we are Philadelphia’s leading short sale team. Our team of licensed real estate professionals specialize in short sales and I blog frequently to keep homeowners in the Philadelphia area up to date and educated on their options for avoiding foreclosure.

For my topic today I thought we should discuss the difference between a short sale and a deed in lieu of foreclosure. A deed in lieu of foreclosure is when a homeowner moves out of their home and asks the bank to take back the deed for your property. While this can be a common practice in the Philadelphia area and in my opinion it is not a good one. While you are free from your home your bank still has the right to sue you for the amount owed according to Philadelphia state law. The only real difference between a deed in lieu of foreclosure and an actual foreclosure is that your lender won’t have to take you to court for your deed. On the other hand, it is possible to have any amount owed on the property waived during the short sale negotiation process. While some homeowners have had to make a small contribution when closing on a short sale, our team has a great history of getting your deficiencies waived. So if you are behind on your mortgage or simply have questions on avoiding foreclosure please visit my website or contact me today to get started. If you are already behind on your mortgage time is not on your side and we need to speak soon. Thank you for tuning in to Philadelphia’s leading short sale specialist and have a wonderful day.