deed to house

lindaddd777 · #1 May 20, 2008, 08:08 AM

what does it mean when someone says the bank is taking back the deed to their house?

LisaB4657 · May 20, 2008, 08:30 AM

It means that the owner is giving the bank a deed in lieu of foreclosure. That means that the owner and the bank have agreed that the owner will give the house to the bank instead of the bank filing a lawsuit to foreclose on the mortgage.



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