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A deed-in-lieu of foreclosure involves turning over your home to a lender to avoid foreclosure proceedings. In some instances, going this route could help you avoid paying the remaining loan ...
A deed in lieu of foreclosure is a deed instrument in which a mortgagor (i.e. the borrower) conveys all interest in a real property to the mortgagee (i.e. the lender) to satisfy a loan that is in default and avoid foreclosure proceedings. The deed in lieu of foreclosure offers several advantages to both the borrower and the lender.
A deed in lieu of foreclosure is generally a last-resort step taken by a homeowner to avoid a foreclosure, says Alesia Parker, branch manager at Silverton Mortgage, an Atlanta-based residential ...
Johnnie Jefferson, an 85-year-old resident of Richmond, Texas, says she faces the heartbreaking prospect of losing the six-bedroom house she has lived in for more than 20 years after a ...
This stage is called pre-foreclosure, and during this stage, a homeowner has a few ways to avoid foreclosure. [4] One of the ways to avoid a foreclosure is to short sell their property and pay off their outstanding mortgage. A pre-foreclosure short sale can be a good opportunity for investors to buy a property at a discount directly from a ...
Strict foreclosure is also an effective remedy where the value of the goods foreclosed is the equivalent of the debt due and owing, and the creditor can easily sell the goods for that value. In order to effect a strict foreclosure, the creditor must transmit a proposal indicating their desire to foreclose, which must be sent to the debtor and ...
A mortgagee may foreclose either judicially or extrajudicially, as governed by Rule 68 of the 1997 Revised Rules of Civil Procedure and Act. No. 3135, respectively. A judicial foreclosure is done by filing a complaint in the Regional Trial Court of the place where the property is located. [ 47 ]
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