When a homeowner can’t afford to pay their mortgage, they risk foreclosure, wherein the lender (usually their bank) reclaims the property and forces the homeowner to relocate. In order to avoid these often public and embarrassing proceedings, the homeowner can instead ask for a deed-in-lieu of foreclosure, where they transfer the title of the property to the bank willingly while given time to relocate.
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In a deed-in-lieu of foreclosure, you willingly give the lender ownership of your house to stop the foreclosure. Best Gutter Repair Services in USA
The homeowner can request a deed-in-lieu of foreclosure, when they freely relinquish the ownership of the property to the bank while being given time to move, in order to avoid these frequently public and painful proceedings.
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In order to avoid the foreclosure process, you might agree to voluntarily transfer ownership of your house to the lender through a deed-in-lieu of foreclosure.
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