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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 ...
A deed in lieu of foreclosure is generally a last-resort step taken by a homeowner to avoid a foreclosure, says Alesia Parker, branch manager at Silverton Mortgage, an Atlanta-based residential ...
The Virginia General District Court (GDC) is the lowest level of the Virginia court system, and is the court that most Virginians have contact with. The jurisdiction of the GDC is generally limited to traffic cases and other misdemeanors, civil cases involving amounts of under $25,000.
Virginia's legal system is based on common law, which is interpreted by case law through the decisions of the Supreme Court, Court of Appeals, and Circuit Courts, which may be published in the Virginia Reports, Virginia Court of Appeals Reports, and Virginia Circuit Court Opinions, respectively.
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.
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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