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A deed in lieu of foreclosure is a transfer of title in real property from the property owner to the lender, in order to avoid foreclosure or to cease the process.
You might recall the bank entered the ownership picture through a deed in lieu of foreclosure as part of a June 2009 settlement to end cross litigation between the bank and Combs.
NASDAQ:BIOF) today confirmed that is has been notified by the lenders under its existing senior secured credit facility that they have exercised their right under their Deed In Lieu of Foreclosure Agreement (the "Deed in Lieu") to acquire the Company's ethanol plants.
The transaction completes a building repositioning that started in 2011, when United American Land (UAL) acquired the vacant property's defaulted mortgage and deed in lieu of foreclosure.
Most of these homes have already gone thru foreclosure or deed in lieu of foreclosure and are ready for a new buyer.
Now the firm has discovered that far from being averse to the mortgage market, almost 80% of its former clients surveyed expressed a desire to purchase another home within a year after losing the first one in a foreclosure, short sale or deed in lieu of foreclosure.
The Portland-based lender last month took ownership of a sprawling subdivision in the Laurel Hill Valley neighborhood from East Ridge Development LLC in a deed in lieu of foreclosure.
In 2009, he defaulted on the mortgage and offered to hand in the keys to Riverton in a deed in lieu of foreclosure.
Gain or loss from a foreclosure, or the transfer of a deed in lieu of foreclosure, is generally characterized as either Sec.
As part of an earlier agreement that the bank made with state attorneys general in October, it has allocated up to USD150m nationwide to assist certain borrowers who experienced a foreclosure, short sale or deed in lieu of foreclosure on mortgages originated by Countrywide Financial Corp.
They're not willing to do a deed in lieu of foreclosure, renegotiate, anything.