Posted on: 17th May, 2010 06:44 am
Can a lender accept a deed in lieu and then foreclose th remove other outstanding leins?
hi guest!
welcome to forums!
if the lender accepts your request for a deed in lieu of foreclosure, then he won't foreclose the property. under the deed in lieu of foreclosure, your property would be sold off and the lender will be able to recover his dues. if there is a deficient balance resulting from the sale, it will be forgiven by the lender.
feel free to ask if you've further queries.
sussane
welcome to forums!
if the lender accepts your request for a deed in lieu of foreclosure, then he won't foreclose the property. under the deed in lieu of foreclosure, your property would be sold off and the lender will be able to recover his dues. if there is a deficient balance resulting from the sale, it will be forgiven by the lender.
feel free to ask if you've further queries.
sussane