Common use of Deed in Lieu of Foreclosure Clause in Contracts

Deed in Lieu of Foreclosure. The County Authority may accept from a Person with an interest in a tax delinquent property or Tax Reverted Property a deed conveying that Person’s interest in the property in lieu of the foreclosure or sale of the property as provided under Section 6 of the Land Bank Act.

Deed in Lieu of Foreclosure. The County Authority may accept from a Person with an interest in a tax delinquent property or Tax Reverted Property a deed conveying that Person’s 's interest in the property in lieu of the foreclosure or sale of the property as provided under Section 6 of the Land Bank Act.