foreclosure: Avoid Foreclosure with Deed-In-Lieu
- 11/15/08 06:06 AM
A common way to protect your property from being taken away by the lender on account of non-payment of your mortgage is a deed-in-lieu of foreclosure.Deed-in-lieu is a process in which the borrower failing to satisfy the loan obligation hands over his property to the lender. The lender may then sell the property in order to retrieve a part or whole of the amount borrowed from the sale proceeds.What is the process all about?When you go for a deed-in-lieu in order to avoid foreclosure, you need to sign legal documents such as the Agreement in Lieu of Foreclosure and a Warranty … (2 comments)
A common way to protect your property from being taken away by the lender on account of non-payment of your mortgage is a deed-in-lieu of foreclosure.Deed-in-lieu is a process in which the borrower failing to satisfy the loan obligation hands over his property to the lender. The lender may then sell the property in order to retrieve a part or whole of the amount borrowed from the sale proceeds.What is the process all about?When you go for a deed-in-lieu in order to avoid foreclosure, you need to sign legal documents such as the Agreement in Lieu of Foreclosure and a Warranty … (2 comments)
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