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.
Considering a career in real estate? Check out our upcoming pre-licensing courses here: tocrres.com/register
A deed-in-lieu of foreclosure is an arrangement where you voluntarily turn over ownership of your home to the lender to avoid the foreclosure process.
Online Life Coaching Services in Atlantic City NJ
This is because a deed in lieu allows you to avoid the foreclosure process and may even allow you to remain in the house.
For Online Personal Fitness Trainers in San Jose CA Visit https://topinhometrainers.com