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Illinois Mortgage Modification Glossary
- Deed-in-Lieu:
Some borrowers choose this option to pay off
their mortgage. In effect they are giving the the
deed to the property to the lender and in return
they are released of the obligations of the loan.
You may not do this if you can pay the loan and it
does not allow you to remain in the house but it
does save you time costs of foreclosure.
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