Posted on: 17th Nov, 2010 02:14 pm
Responsibility of homeowner if approved for Deed inLieu of Foreclosure.
Hi e_kgriff!
Welcome to forums!
The homeowner will have to transfer the property to the lender and leave the property. The lender will sell off the property in a deed in lieu of foreclosure auction and recover as much dues as possible. The rest of the balance will be forgiven by the lender.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
The homeowner will have to transfer the property to the lender and leave the property. The lender will sell off the property in a deed in lieu of foreclosure auction and recover as much dues as possible. The rest of the balance will be forgiven by the lender.
Feel free to ask if you've further queries.
Sussane
thank you