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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.
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.
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 ...
With the division of West Virginia from Virginia during the American Civil War, the Western District of Virginia became the District of West Virginia, and those parts of the Western District that were not part of West Virginia were combined with the Eastern District to again form a single District of Virginia on June 11, 1864, by 13 Stat. 124. [2]
The borrower's equitable title normally terminates automatically by operation of law (under applicable statutes or case law) at the trustee's sale. The trustee then issues a deed conveying the legal and equitable title to the property in fee simple to the highest bidder. In turn, the successful bidder records the deed and becomes the owner of ...
In this case, the mortgage lender files a lawsuit against the homeowner, and if the homeowner does not make up their payments within the court-ordered period, the lender can seize the home ...
With the division of West Virginia from Virginia during the American Civil War, the Western District of Virginia became the District of West Virginia, and those parts of the Western District that were not part of West Virginia were combined with the Eastern District to form again a single District of Virginia on June 11, 1864, by 13 Stat. 124. [2]
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