Definition of "Deed in lieu of foreclosure"
Kimberly Farrell, Real Estate Agent
Keller Williams Realty
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.
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