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Released: June 26, 2010

Foreclosure alternative gaining favor

Source: Kenneth R. Harney, Washington Post

Short sales have been the hot solution for financially stressed homeowners and their lenders for the past year, but here’s another potent foreclosure alternative that’s about to take center stage: deeds in lieu.

Some of the largest mortgage servicers and lenders in the country are gearing up campaigns to reach out to carefully targeted borrowers with cash incentives that sometimes range into five figures, plus a simple message: Let’s bypass the time-consuming hassles of short sales and foreclosures.

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