This site was set up in May 2007 and it has 300 posts. See 170 photos at: http://nautiluscondo.blogspot.com The 'search' bar at the top left of the site works quite well. If you want info on topic or a unit just put the term or number (ie: 708, 1401 etc) into the box and hit search and all the threads about the topic or unit will appear. I am a 'former owner' of 708, sold my unit back to the developer for a 65K loss and I was glad to be out of there. Contact: email@example.com
Sunday, October 16, 2011
Deed in lieu helps you stay away from foreclosure
A Deed in Lieu of Foreclosureis a deed instrument in which a mortgagor (i.e. the borrower) conveys all interest in a real property to the mortgagee (i.e. the lender) to satisfy a loan that is in default and avoid foreclosure proceedings.
The principal advantage to the borrower is that it immediately releases him/her from most or all of the personal indebtedness associated with the defaulted loan. The borrower also avoids the public notoriety of a foreclosure proceeding and may receive more generous terms than he/she would in a formal foreclosure. It hurts their credit less than a foreclosure does.