DEAR BENNY: What is a "hard money" loan? –Irene
DEAR IRENE: Technically, it is a loan that is given in exchange for money, rather than to assist a consumer in buying a house. The latter would be called a "purchase money" mortgage.
DEAR BENNY: What are the pros and cons of a deed-in-lieu of foreclosure? –Tom
DEAR TOM: A deed-in-lieu is where you give the deed to your house to your lender and the lender does not foreclose. Thus, the concept "in lieu," meaning "instead of."