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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.
In law, a reply is a legal document written by a party specifically replying to a responsive declaration and in some cases an answer.A reply may be written when a party or non-moving party (the party who is not requesting relief from the court) is asserting a counterclaim or the court has ordered a reply.
The response came in a court document filed last week after Bayland Buildings filed the June 4 notice alleging FVPB owes an outstanding balance of $12,417,464.82 and has been “consistently ...
Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan. [1] [2]
Judicial foreclosure: With a judicial foreclosure, the lender files a lawsuit and the borrower is notified of the non-payment. The homeowner has 30 days to make up the missed payments, otherwise ...
For example, in Alabama, borrowers have the right for up to one year after foreclosure, while Illinois gives borrowers just 30 days after the sale. Limitations of right of redemption