deed in lieu of foreclosure
- A process where a property owner willingly transfers ownership to their lender to avoid mortgage payment difficulties or foreclosure
- Having lost his job, John opted for a deed in lieu of foreclosure to avoid legal issues with the bank.
- Banks may choose to accept a deed in lieu of foreclosure when the cost of foreclosure is too high.
- The family chose a deed in lieu of foreclosure to prevent their home from being seized.
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