A Deed-in-Lieu of foreclosure is a voluntary conveyance of title to the lender. In other words, giving your home back to the bank. Generally this is a last ditch effort to avoid the negative consequences of foreclosure. In return for the voluntary conveyance to the lender, you are often, but not always released of any personal responsibility for the mortgage. In order to qualify for a DIL, most lenders state that there must NOT be a second mortgage or liens on the property. Properties with equity should consider selling the property before voluntarily conveying the home to the lender.

A DIL on a VA loan can affect your ability to get another VA loan and other VA benefits. Contact the VA for more info.
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