Words, Words, Words
How well do you know some of the different words used to describe people working in Real Estate. Do you know what these mean?
deed
The legal document conveying title to a property.
deedinlieu
Short for “deed in lieu of foreclosure,” this conveys title to the lender when the borrow is in default and wants to avoid foreclosure. The lender may or may not cease foreclosure activities if a borrow asks to provide a deedinlieu. Regardless of whether the lender accepts the deedinlieu, the avoidance and non-payment of debt will likely show on a credit history., What a deedinlieu may prevent is having the documents prepartory to a foreclosure being recorded and becoming a matter of public record.