deed-in-lieu
- A legal document handed over by a borrower to a lender to avoid foreclosure proceedings
- Faced with a defaulting borrower, the bank suggested a deed-in-lieu to avoid costly foreclosure proceedings.
- To mitigate loss, the lender sometimes prefers accepting a deed-in-lieu rather than engaging in long foreclosure processes.
- Considering their financial difficulties, they decided to offer the bank a deed-in-lieu.
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