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A deed in lieu is generally a last resort by a homeowner to avoid foreclosure. ... In this case, though, the agreement is for the home to be sold for less than the balance due on the mortgage.
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.
Deed in lieu of foreclosure: With this option, you agree to transfer the deed to your property to your servicer to avoid a foreclosure sale. A deed in lieu might have less damage to your credit ...
Maybe you don’t know what a deed in lieu of foreclosure or a short sale are. Simply handing over the keys to your house to the lender may or may not work.
The names of these offices are usually the "Recorder of Deeds" or something similar. State statutes also prescribe the following elements: What instruments are entitled to be recorded, usually deeds, mortgages (whether or not in the form of deeds of trust), leases (usually longer term varieties), easements, and court orders. There is generally ...
Virginia civil procedure is the body of law that sets out the rules and standards that Virginia courts follow when adjudicating civil lawsuits (as opposed to procedures in criminal law matters). Professor W. Hamilton Bryson is the preeminent master and legal scholar on Virginia Civil Procedure.
A 1971 Virginia Court System Study Commission stated the need for a unified court system to handle appeals. [1] The Court of Appeals of Virginia was established on January 1, 1985, as an intermediate court of limited appellate jurisdiction, initially with ten judges, with an eleventh judge added in 2000.
Many states allow or use a deed of trust, which differs from a mortgage in that a trustee — usually a title company or attorney — is authorized to take action if the borrower stops paying.
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