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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 real estate agent with experience in short sales might be able to help you find a buyer and guide you through obtaining the necessary approvals. 7. Short refinance
The Home Affordable Modification Program (HAMP) is a government program introduced in 2009 to respond to the subprime mortgage crisis.HAMP [10] is part of the Making Home Affordable program (MHA), [11] established in concert with the Hardest Hit Fund program (HHF) [12] under the Troubled Asset Relief Program (TARP), a part of the Emergency Economic Stabilization Act of 2008. [13]
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 ...
This is how it works: After foreclosure, your lender or a new owner may file for eviction if you’re still on the property. Like foreclosure, the eviction process varies by state and location ...
Assist the owner to obtain a loan or advance of funds. Avoid or ameliorate the impairment of the owner's credit resulting from the recording of a notice of default or the conduct of a foreclosure sale. Save the owner's residence from foreclosure. In some jurisdictions a foreclosure consultant must be licensed by the government. [3] [4] [5]