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Foreclosure Lawyer

What is a deed in lieu of foreclosure?

A deed in lieu of foreclosure is an attempt to stop a foreclosure on a home. A deed in lieu (or DIL) is basically an agreement between the lender and the borrower wherein you give the property over to the lender and your mortgage is completely canceled. It is a way to get out of your mortgage payment, but it also means that you lose your property.

In a deed in lieu, you are trying to absolve yourself of all remaining debt on the house and in exchange are giving up your property to the lender. The plus side is you wouldn't have a mortgage payment anymore. On the negative side, you will have lost ownership of your home.

A Deed in Lieu isn't always the correct option. It is important to know what you're dealing with and what the best option for you is. A bankruptcy lawyer can help you make the correct decision depending on you and the status of your finances.

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A deed in lieu carries with it some negative effects. The house that you have put money towards, decorated and made your own would not be yours anymore. In a deed in lieu, you sign a deed giving the lender full ownership of your house. Also, your credit score is negatively affected.

The best way to figuring out what is best for you to do in times of foreclosure or impending foreclosure is to speak with a bankruptcy attorney. At Bizar & Doyle, we have the attorneys who can answer your questions and help you along the way during these difficult times. There are many things to know and do during foreclosure or a deed in lieu, and it's important you work with someone who knows what they are doing and who cares about the outcome.

Contact a Foreclosure Defense Lawyer from our firm if you wish to seek foreclosure alternatives or are thinking about a deed in lieu of foreclosure for your property.

Illinois Offices:

  • Loop Office
    123 W. Madison Street
    Suite 205
    Chicago, IL 60602

    South Side Office
    10336 S. Western Avenue
    Chicago, IL 60643

    Rosemont Office
    5600 N River Road
    Suite 800
    Rosemont, IL 60018

    Southwest Suburbs
    15255 S. 94th Avenue
    5th Floor
    Orland Park, IL 60462

  • Far North
    1800 Nations Drive
    Suite 117
    Gurnee, IL 60031

    Western Suburbs
    1444 N. Farnswoth Ave.
    Suite 1018
    Aurora, IL 60505

    Joliet Office
    Lincolnshire Business Center
    1000 Essington Road
    Suite 155
    Joliet, IL 60435

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123 W. Madison Street, Suite 205; Chicago, IL 60602
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The information on this website is for general information purposes only. Nothing on should be taken as legal advice for any individual case or situation.

Main Office: 123 W. Madison Street, Suite 205 Chicago, IL 60602
Phone Number: (312) 427-3100