Q: What is a deed in lieu of foreclosure?
I am buying land and if late 41 days a deed in lieu of foreclosure id filed - does the property /land go back to the owner/seller and the slate is clean or does the owner still sue for the remaining unpaid loan balance on a owner carry loan
or do we just walk and the owner takes current payments and the land back
Here is an article that should answer your questions: https://dianedrain.com/real-estate-articles-links/deed-lieu-foreclosure/
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