Deed in lieu of foreclosure definition

Deed in lieu of foreclosure means a voluntary, knowing and uncoerced conveyance by the residential mortgage debtor to the residential mortgage lender of all claim, interest and estate in the property subject to the mortgage. In order for a conveyance to be voluntary, the debtor shall have received notice of, and been fully apprised of the debtor's rights as specified in section 4 of this act. For purposes of this act, "voluntarily surrendered" has the same meaning as "deed in lieu of foreclosure."

Deed in lieu of foreclosure means a voluntary, knowing and

Deed in lieu of foreclosure means a recorded document that transfers ownership of a property from the mortgagor to the mortgagee.

Examples of Deed in lieu of foreclosure in a sentence

• Deed in lieu of foreclosure: This occurs when the borrower voluntarily deeds the property to the lender to avoid a lengthy foreclosure, additional accrued interest, and expenses.

• Deed in lieu of foreclosure shall be figured as transferred not sold.

• As used in this act:12 "Commissioner" means the Commissioner of Community13 Affairs.14 "Deed in lieu of foreclosure" means a voluntary, knowing and15 uncoerced conveyance by the residential mortgage debtor to the16 residential mortgage lender of all claim, interest and estate in the17 property subject to the mortgage.

• Notwithstanding anything heretofore stated to the contrary, any party who acquires title to any portion of the subject property by a foreclosure against the Declarant or by Deed in lieu of foreclosure from the Declarant succeeds to, and has the same rights as are heretofore granted to the Declarant.

• Notwithstanding anything heretofore stated to the contrary, any party who acquires title to any portion of the subject property by a foreclosure against the Declarant or by Deed in lieu of foreclosure from the Declarant succeed to, and have the same rights as are heretofore granted to the Declarant.

More Definitions of Deed in lieu of foreclosure

Deed in lieu of foreclosure means a deed instrument in which a borrower conveys all interest in a property to the lender to satisfy a loan that is in default to avoid foreclosure proceedings. For purposes of the AHP retention requirements, transfer of a property through a deed in lieu of foreclosure will be treated as though the property had been foreclosed.

Deed in lieu of foreclosure means a recorded instrument that transfers ownership of real property between parties to a particular deed of trust as follows: from the trustor, borrower, to the trustee upon consent of the beneficiary, lender.

Deed in lieu of foreclosure means a conveyance of title to the Property from the Borrower in lieu of foreclosure or other proceeding.

Deed in lieu of foreclosure means a transaction in 11

Deed in lieu of foreclosure means a recorded document that transfers property from the trustor to the holder of a deed of trust upon consent of the beneficiary of the deed of trust.

Deed in lieu of foreclosure means a deed which conveys residential property to the mortgagee or lender in lieu of such mortgagee’s or lender’s pursuing court foreclosure following default of the underlying secured note.

Deed in lieu of foreclosure means a recorded document that transfersownership of a Property from the Mortgager to the holder of a Mortgage.