Is Deed in Lieu better than BK?

[jennbe]

I live in VA and need to know what exactly a deed in lieu of foreclosure mean. Is it better than the actual legal procedure of a foreclosure or is it just as bad? Please help.

[This message has been edited by jennbe (edited August 28, 2000).]

 

[HomeGuru]

<BLOCKQUOTE><font size="1" face=" Arial, Verdana, Helvetica">quote:</font><HR>Originally posted by jennbe:
I live in VA and need to know what exactly a deed in lieu of foreclosure mean. Is it better than the actual legal procedure of a foreclosure or is it just as bad? Please help.

[This message has been edited by jennbe (edited August 28, 2000).]<HR></BLOCKQUOTE>

The process is giving the property (giving the deed) to the lender instead of (in lieu of) the lender filing foreclosure action.