Deed In Lieu Of Foreclosure
Legal document that conveys real estate to the lender after the borrower defaults on his or her mortgage payments. The borrower should demand cancellation of the unpaid balance and a confirmation letterform the lender. The lender is relieved of the inconvenience of foreclosure proceedings actions. It is a voluntary act by both borrower and lender.
Popular Real Estate Terms
Window designed in an alcove extending outside the structure. A bay window makes the home look more attractive and adds light, as well as providing a better view. ...
Parcel of land that is totally surrounded by other land parcels not providing access to a highway. ...
For the definition of affirmative action, we can say it is a type of policy through which individuals that pertain to an underrepresented part of society get increased opportunities to ...
method of land description that identifies a parcel by specifying its shape and boundaries. ...
Eight-by-four sheet of material attached to a wall's studs. It can be made attractive by wallpapering or painting. ...
Person receiving la legacy from a will. Normally a legatee will receive personal property possibly including real property. ...
Type of ownership by husband and wife, recognized in 27 states, in which the rights of the deceased spouse pass to the survivor. It is the same as joint tenancy, except that one spouse ...
Also called price control or rental control. A controlled or administered price that is set for property by a federal or local agency typically in extraordinary circumstances. ...
First right of a party, usually a creditor, to hold, keep possession of, or control the property of another to pay a debt, duty, or obligation. ...
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