Та "Steps to Completing a Deed in Lieu Of Foreclosure"
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A deed in lieu of foreclosure is a loss mitigation (foreclosure avoidance) option, together with short sales, loan adjustments, payment plans, and forbearances. Specifically, a deed in lieu is a transaction where the house owner willingly moves title to the residential or commercial property to the holder of the loan (the bank) in exchange for the bank agreeing not to pursue a foreclosure.
Most of the times, completing a deed in lieu will release the borrower from all responsibilities and liability under the mortgage agreement and promissory note.
How Does a Deed in Lieu of Foreclosure Work?
Deficiency Judgments Following a Deed in Lieu of Foreclosure
Mortgage Release Program Under Fannie Mae
Should You Consider Letting the Foreclosure Happen?
When to Seek Counsel
How Does a Deed in Lieu of Foreclosure Work?
The initial step in a deed in lieu is for the borrower to request a loss mitigation bundle from the loan servicer (the company that manages the loan account). The application will require to be submitted and submitted together with paperwork about the customer's earnings and expenditures including:
- evidence of income (usually 2 recent pay stubs or, if the borrower is self-employed, a revenue and loss statement).
Та "Steps to Completing a Deed in Lieu Of Foreclosure"
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