DEED IN LIEU (OF FORECLOSURE)
\dˈiːd ɪn lˈuː ɒv fɔːklˈə͡ʊʒə], \dˈiːd ɪn lˈuː ɒv fɔːklˈəʊʒə], \d_ˈiː_d ɪ_n l_ˈuː__ ɒ_v f_ɔː_k_l_ˈəʊ_ʒ_ə]\
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A means of escaping an overly burdenome mortgage. If a homeowner can't make the mortgage payments and can't find a buyer for the house, many lenders will accept ownership of the property in place of the money owed on the mortgage. Even if the lender won't agree to accept the property, the homeowner can prepare a quitclaim deed that unilaterally transfers the homeowner's property rights to the lender.
By Oddity Software
Word of the day
Platidiam
- An inorganic water-soluble platinum complex. After undergoing hydrolysis, it reacts DNA produce both intra interstrand crosslinks. These crosslinks appear to impair replication and transcription of DNA. The cytotoxicity cisplatin correlates with cellular arrest in G2 phase cell cycle.
Nearby Words
- deductor
- deduit
- deduplication
- dee
- deed
- deed in lieu (of foreclosure)
- deed of conveyance
- deed of trust
- deed over
- deed poll
- deed-poll.