Deed In Lieu Of Foreclosure Template
Description
How to fill out Conveyance Of Deed To Lender In Lieu Of Foreclosure?
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FAQ
Noun. (Finance: Mortgage) Foreclosure is the act of a lender, especially a mortgage lender, taking the collateral on a loan when loan payments are not made. If you do not make your mortgage payments, the bank will put your house into foreclosure.
Through a deed in lieu of foreclosure, the homeowner and the mortgage lender come to an agreement where the homeowner surrenders the property's deed to the lender. In exchange, the lender will cease any foreclosure proceedings and cancel the mortgage loan.
A deed in lieu of foreclosure is the process of when a homeowner transfers the deed of their home to the lender, without the legal process of a foreclosure.
The mortgage foreclosure process in Canada If you miss too many mortgage payments for an extended period, your mortgage lender can sue you. If the court rules in their favour, they'll be able to gain control of the title to your property, meaning they now legally own your home.
Good to know: An option to a public auction foreclosure is a Deed in Lieu of Foreclosure. The borrower simply transfers the property back to the lender and the lender cancels the debt. This is sometimes referred to as a ?friendly foreclosure? or a ?voluntary repossession.? It can avoid lawsuits and bankruptcy.