For a distressed homeowner, going into a foreclosure can be a costly process in terms of money, credit ratings and public image. A deed in lieu of foreclosure is a viable option for these mortgagors, which also gives advantages to the lender as well. This deed instrument is especially useful in states where redemption periods are long and foreclosure costs are high. As a lender, however, there might be a few things to consider if you want to get the best out of these kinds of agreements without running into pesky problems. Chris Seveney acquaints us with these in this episode.

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