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
Cost excluded from the minimum lease payments to be made by the lessee in a capital lease. The lessee reimburses the lessor for the lessor's expense payments. ...
Out-of-state or out of jurisdiction administrator appointed to probate a decedents property when there is no executer or executrix. ...
Deed used to transfer property rights to a governmental authority. ...
Gift of real property as stipulated in a will. ...
An individual or business that buys someone else's equity in property but may not assume any responsibility for a loan balance. ...
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Increase in the outstanding loan balance arising when the mortgage payment does not fully meet the interest charge on the loan. This occurs under indexed loans or when the indexed rate ...
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Removal of land by the action of water. See also erosion. ...
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