Deed in Lieu of Foreclosure in New York — Long Island Homeowner's Guide
Deed in lieu of foreclosure (DIL) is a workout where you voluntarily transfer title to your home back to the lender in exchange for being released from the mortgage debt. It's faster than foreclosure, less damaging to credit, and avoids public auction. But on Long Island specifically, DIL approval rates are lower than most homeowners expect, and a direct cash sale often produces a better outcome. This guide explains exactly when DIL makes sense and when it doesn't.
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