Short Sale or a Deed in Lieu: What's the right choice for you?
If you owe more than your home is worth and need to get out of your home, you may be wondering what your options are to avoid foreclosure. A short sale is the process by which a home is sold for less than is owed on the mortgage balance. A deed in lieu is a voluntary foreclosure, through which the lender agrees to release the debt and take over title to the home. Both are preferable options to foreclosure, which takes much longer than a short sale or a deed in lieu, and comes with many additional ramifications.
Read up on the differences between the two:
Short Sale vs. Deed in Lieu
SHORT SALE
DEED IN LIEU
While a deed in lieu may seem like an easier process than a short sale, the fact is that lenders do not want to own your home, and will usually force you to attempt a short sale before agreeing to deed in lieu. Additionally, not everyone is a candidate for a deed in lieu due to having multiple lienholders.
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Minna Reid was just who I needed to help me sell my home. She is highly experienced and knows exactly what must be done in order to sell a home facing foreclosure. Minna is diligent and knowledgeable when dealing with the bank which are skills that not every realtor has. My only regret is that I did not find her sooner!
KELLY TURNAGE
Last Updated on July 1, 2025 by Minna Reid