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2. Preforeclosure: What it is and how it works - AOL

   www.aol.com/finance/preforeclosure-works...

   Preforeclosure is the first step in the foreclosure process, and it usually begins when a homeowner is 90 days past due on their mortgage. When you’ve missed three mortgage payments, the loan ...

3. What is a mortgage proof of funds letter? - AOL

   www.aol.com/finance/mortgage-proof-funds-letter...

   A proof of funds letter, or POF letter, proves you have the funds to buy a home. You might need one whether you’re getting a mortgage or paying for the property with cash. Many mortgage lenders ...

4. Deed in lieu of foreclosure - Wikipedia

   en.wikipedia.org/wiki/Deed_in_lieu_of_foreclosure

   Deed in lieu of foreclosure. 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 ...

5. How to write a letter of explanation for a mortgage - AOL

   www.aol.com/finance/write-letter-explanation...

   The lender’s name and address. Your name (as it appears on your application) and any client/reference/file number. The date you’re submitting the letter and the expected closing date (if you ...

6. Forbearance - Wikipedia

   en.wikipedia.org/wiki/Forbearance

   To avoid foreclosure, the lender and the borrower can make an agreement called "forbearance." According to this agreement, the lender delays its right to exercise foreclosure if the borrower can catch up to its payment schedule by a certain time. This period and the payment plan depend on the details of the agreement that is accepted by both ...

7. Foreclosure - Wikipedia

   en.wikipedia.org/wiki/Foreclosure

   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] Formally, a mortgage lender (mortgagee), or other lienholder, obtains a termination of a mortgage borrower ...