deed in lieu

deed in lieu definition - business

deed in lieu

A deed given by a borrower to a lender, generally in exchange for forgoing foreclosure. A lender accepting a deed in lieu of foreclosure becomes the new owner and is responsible for any other outstanding liens on the property.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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