Việc này sẽ xóa trang "Steps to Completing a Deed in Lieu Of Foreclosure"
. Xin vui lòng chắc chắn.
A deed in lieu of foreclosure is a loss mitigation (foreclosure avoidance) option, along with short sales, loan adjustments, payment strategies, and forbearances. Specifically, a deed in lieu is a transaction where the house owner willingly moves title to the or commercial property to the holder of the loan (the bank) in exchange for the bank agreeing not to pursue a foreclosure.
Most of the times, completing a deed in lieu will launch the customer from all commitments and liability under the mortgage contract and promissory note.
How Does a Deed in Lieu of Foreclosure Work?
Deficiency Judgments Following a Deed in Lieu of Foreclosure
Mortgage Release Program Under Fannie Mae
Should You Consider Letting the Foreclosure Happen?
When to Seek Counsel
How Does a Deed in Lieu of Foreclosure Work?
The primary step in getting a deed in lieu is for the customer to ask for a loss mitigation package from the loan servicer (the business that handles the loan account). The application will require to be filled out and sent in addition to documentation about the borrower's income and costs including:
- evidence of income (normally two recent pay stubs or, if the customer is self-employed, a profit and loss statement).
Việc này sẽ xóa trang "Steps to Completing a Deed in Lieu Of Foreclosure"
. Xin vui lòng chắc chắn.