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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 ...
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. Deeds In Lieu Of Foreclosure: What You ...
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 ...
Deed in lieu: A Deed in Lieu of foreclosure (DIL) is a disposition option in which a mortgagor voluntarily deeds collateral property in exchange for a release from all obligations under the mortgage. A DIL of foreclosure may not be accepted from mortgagors who can financially make their mortgage payments.
However, as a result of the various state recording acts, the courts will protect a bona fide purchaser who pays valuable consideration and does not have knowledge of the prior unrecorded deed from the claims of a prior grantee under that deed. The same is true respecting most types of unrecorded liens or encumbrances.
Acceptance of a deed in lieu is at the lender’s discretion. What is a short sale? A short sale happens when a home is sold for less than the mortgage balance with the lender’s approval.
Map of the United States District Courts in Virginia, showing the boundaries of the Eastern and Western Districts, and their divisions. The Eastern District of Virginia court's jurisdiction covers slightly over six million people, comprising approximately 85% of the state's population. Its jurisdiction is grouped into four geographic divisions:
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