The below alternatives must be considered in more detail, we only present a brief overview for information purposes.
Both the Lender and the Borrower have to agree. The Borrower/Homeowner “gives back” the property to Lender without need for further legal action. Borrower deeds property to lender and lender in most situations agrees not to pursue personal deficiency. Because a completed Foreclosure action destroys all other “secondary” liens (2nd mortgage, home equity line of credit, mechanic’s liens, real estate taxes, in some cases condominium association dues), and the Deed in Lieu of Foreclosure does not, this procedure is not popular with the Lenders.
Some reasons why borrowers consider doing it:
Both the Lender and the Borrower have to agree. Instead of taking back the subject property, the Lender agrees to a reduced payoff so that the Borrower can actually sell to a third party. Tenenbaum Law Group has extensive negotiating experience, it successfully closed numerous complex short sales.
Some critical features:
2-nd mortgagee can later file a collection case based on the Note even though the mortgage is foreclosed.
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