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Deed in Lieu

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pgunn Joined: 02 Feb 2011 Posts: 1 1.37 Dollars($)	Posted: Wed Feb 02, 2011 1:24 pm    Post subject: Deed in Lieu Like 0 Dislike 0 As a lender (Financial Horizons Credit Union) we recently had a debtor interested in doing a DIL. We started the process and this past Friday the debtor went into the escrow office to drop the keys off and asked that the escrow company relay a msg to us: "Tell them there is a tenant that they will need to evict and they may want to get moving on it as he is a crook and has already taken some items off of the structure itself" (he didn't specify what has been taken). My question is why would we go forward with the DIL as opposed to a full fledged foreclosure? Why should it my my problem to evict and not know what we're up against?
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Wed Feb 02, 2011 7:42 pm    Post subject: Like 0 Dislike 0 Hi pgunn! Welcome to forums! As a lender, it is your discretion whether or not you will offer the borrower the option of deed in lieu of foreclosure or simply foreclose the property. As far as the eviction of the tenant is concerned, it will be your duty. The borrower can simply surrender the property to the lender. It is the lender who has to send an eviction notice to the tenant and ask them to leave the property. Feel free to ask if you've further queries. Sussane

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