Jersey City New Jersey Offer by Borrower of Deed in Lieu of Foreclosure

State:
Multi-State
City:
Jersey City
Control #:
US-01524BG
Format:
Word; 
Rich Text
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Description

A deed in lieu of foreclosure is a method sometimes used by a lienholder on property to avoid a lengthy and expensive foreclosure process, with a deed in lieu of foreclosure a foreclosing lienholder agrees to have the ownership interest transferred to the bank/lienholder as payment in full. The debtor basically deeds the property to the bank instead of them paying for foreclosure proceedings. Therefore, if a debtor fails to make mortgage payments and the bank is about to foreclose on the property, the deed in lieu of foreclosure is an option that chooses to give the bank ownership of the property rather than having the bank use the legal process of foreclosure.

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Jersey City New Jersey Offer by Borrower of Deed in Lieu of Foreclosure