FinancingForeclosure_and_defaultMEDIUM
Unable to keep the property, Avery Ward signs a deed transferring ownership directly to the lender, and the lender accepts the property instead of completing foreclosure. What remedy is this?
Correct Answer
D) Deed in lieu of foreclosure
Deed in lieu of foreclosure is correct because the facts match a voluntary transfer of title from the borrower to the lender to avoid a foreclosure sale. That is the best description of the relationship, right, or legal concept tested here.
Answer Options
A
Deficiency judgmentB
Acceleration clauseC
Loan reinstatementD
Deed in lieu of foreclosureWhy This Is the Correct Answer
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Why the Other Options Are Wrong
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Related Topics & Key Terms
Key Terms:
foreclosure_and_defaultfinancingdeed_in_lieuloss_mitigation
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