Sentences with phrase «lieu foreclosure process»
First and foremost, the term REO (or Real Estate Owned) usually refers to an asset that a bank or lien holder obtains either through a deed in lieu foreclosure process or at a foreclosure sale.
https://www.biggerpockets.com/ Not exact matches
They will need to sign the deed over to the lender; this process is known as «Deed in lieu of foreclosure.»
To get the process started, call to discuss a deed in lieu of foreclosure with a Great Southern representative.
The deed in lieu process also moves more quickly than a foreclosure or short sale.
This process of transferring ownership from you to the lender under these circumstances is called a Deed in Lieu of Foreclosure, and is sometimes referred to as a «friendly foreclosure» because in essence that what it is.
For those who were eligible for the HAMP program but were unable to make payments, don't qualify for a Trial Period Plan, don't complete the Trial Period Plan, or ask a deed - in - lieu or a short sale, there is the HAFA (Home Affordable Foreclosure Alternatives) program to help streamline the foreclosure process.
The bank's decision to allow a Short Sale is typically in lieu of the foreclosure process which can result in heft fees for the bank.
Property owners benefit from a one - hour consultation to discuss their options, including loan modification, short sale, bankruptcy, the foreclosure process, debt settlement, and deed in lieu of foreclosure.
They will need to sign the deed over to the lender; this process is known as «Deed in lieu of foreclosure.»
Deed - in - lieu: to avoid foreclosure («in lieu» of foreclosure), a deed is given to the lender to fulfill the obligation to repay the debt; this process doesn't allow the borrower to remain in the house but helps avoid the costs, time, and effort associated with foreclosure.
This is unlike anything they have ever experienced before from their bank, who will typically either insist on full payment or foreclosure, or force them through a drawn - out and excruciating process for a short sale or deed in lieu.