The Law Dictionary for Everyone
The term deed in lieu is a short phrase commonly used to refer to a deed in lieu of foreclosure, which is a tool that may be used by some homeowners who are seriously behind in their mortgage payments, and seeking a way out. Foreclosure is a costly endeavor for both the homeowner and the financial institution holding the mortgage. […]
Read moreForeclosure is the legal process that involves taking possession of property when a loan borrower fails to make payments to the lender. The lender takes possession of the property and attempts to sell it in order to recover the amount owed by the borrower. Mortgage lenders and lien holders are required to follow certain legal guidelines in order to start […]
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