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deed in lieu of foreclosure

noun

Definitions of deed in lieu of foreclosure

  • a potential option taken by a borrower to avoid foreclosure under which the borrower deeds (=transfers ownership) the secured property back to the lender in exchange for the release of all obligations under the mortgage

    "A deed-in-lieu of foreclosure allows a homeowner to walk out from under a mountain of debt without a full-fledged foreclosure on their credit history."

Phrase Bank for deed in lieu of foreclosure

Abbreviations of deed in lieu of foreclosure

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