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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 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.
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 ...
The Fairfax Circuit Court of the 19th Judicial Circuit, [1] is a court of general jurisdiction, serving the County and City of Fairfax, Virginia, in the United States. It is the largest trial court in Virginia and handles both civil and criminal cases. The Court comprises fifteen full-time judges. [2] Fairfax Courthouse main entrance
The United States District Court for the Eastern District of Virginia (in case citations, E.D. Va.) is one of two United States district courts serving the Commonwealth of Virginia. It has jurisdiction over the Northern Virginia , Hampton Roads , and Richmond metro areas and surrounding locations with courthouses located in Alexandria , Norfolk ...
The Judiciary of Virginia is defined under the Constitution and law of Virginia and is composed of the Supreme Court of Virginia and subordinate courts, including the Court of Appeals, the Circuit Courts, and the General District Courts. Its administration is headed by the Chief Justice of the Supreme Court, the Judicial Council, the Committee ...
Using a "deed in lieu of foreclosure," or "strict foreclosure", the noteholder claims the title and possession of the property back in full satisfaction of a debt, usually on contract. In the proceeding simply known as foreclosure (or, perhaps, distinguished as "judicial foreclosure"), the lender must sue the defaulting borrower in state court.