Deed in lieu of foreclosure definition

Deed in lieu of foreclosure means a voluntary, knowing and

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Deed in lieu of foreclosure means a voluntary, knowing and uncoerced conveyance by the residential mortgage debtor to the residential mortgage lender of all claim, interest and estate in the property subject to the mortgage. In order for a conveyance to be voluntary, the debtor shall have received notice of, and been fully apprised of the debtor's rights as specified in section 4 of this act. For purposes of this act, "voluntarily surrendered" has the same meaning as "deed in lieu of foreclosure."

Deed in lieu of foreclosure means a deed instrument in which a borrower conveys all interest in a property to the lender to satisfy a loan that is in default to avoid foreclosure proceedings. For purposes of the AHP retention requirements, transfer of a property through a deed in lieu of foreclosure will be treated as though the property had been foreclosed.

Examples of Deed in lieu of foreclosure in a sentence

In the event Lender elects to foreclose rather than accept the Deed in lieu of foreclosure, each of Borrower and Trustor hereby agrees to cooperate with such foreclosure as reasonably requested by Lender.
A Deed in lieu of foreclosure is a deed instrument in which a mortgagor (i.e. the borrower) conveys all interest in a real property to the mortgagee (i.e. the lender) to satisfy a loan that is in default and avoid foreclosure proceedings.
If Lender shall become the owner of the Premises or the Premises shall be sold by reason of foreclosure, or other proceedings brought to enforce the Deeds of Trust, or the Premises shall be transferred by Deed in lieu of foreclosure, the Lease shall continue in full force and effect as a direct Lease between the then owner of the Premises (hereinafter the “other owner”), who shall succeed to the rights and duties of the Borrower as the Lessor, and Lessee.
Employees covered by this Agreement will have access to their own personnel file, in the presence of management, upon request by the employee involved.
If the mortgagee acquires Title to the entire parcel of land, or a portion thereof, shown on the approved Definitive Subdivision Plan, through foreclosure or by other means, such as accepting a Deed in lieu of foreclosure, then the mortgagee and any succeeding owner of the land transferred by the mortgagee may sell any lot, subject to that portion of this Covenant which provides that no lot shall be built upon until the way are constructed and the municipal services are installed to serve such lot.

More Definitions of Deed in lieu of foreclosure

Deed in lieu of foreclosure means a recorded document that transfers ownership of a property from the mortgagor to the mortgagee.

Deed in lieu of foreclosure means a recorded instrument that transfers ownership of real property between parties to a particular deed of trust as follows: from the trustor, borrower, to the trustee upon consent of the beneficiary, lender.

Deed in lieu of foreclosure means a conveyance of title to the Property from the Borrower in lieu of foreclosure or other proceeding.

Deed in lieu of foreclosure means a transaction in 11

Deed in lieu of foreclosure means an instrument effecting a Transfer of all, but not less than all, of a Person's interest in the leasehold created by this Lease in whole or partial satisfaction of a money obligation secured by a Leasehold Mortgage.

Deed in lieu of foreclosure means you give the property back to the lender without a foreclosure sale. Be sure the lender agrees in writing that you will not owe the rest of the loan later. IMPORTANT: If the lender cancels part of your loan, you might owe income tax. Talk to a tax expert.

Deed in lieu of foreclosure means a recorded document that transfers ownership of a property from the trustor upon consent of the beneficiary of the Deed of Trust.

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