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
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Individual with legal privileges and obligations. The legal term is sometimes used for a corporation. ...
Person, such as the beneficiary of a deed, asking that he be informed if the property is foreclosed by someone else. ...
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