Deed In Lieu Of Foreclosure

Definition of "Deed in lieu of foreclosure"

Amy Lipton real estate agent
Amy Lipton, Real Estate Agent Coldwell Banker Residential Brokerage - Brookline

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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