Escrow & Title
A 'deed in lieu of foreclosure' in Georgia benefits the borrower by:
AA. Allowing them to keep the property without paying the mortgage
BB. Voluntarily transferring title to the lender to avoid the foreclosure process, potentially reducing negative credit impact✓ Correct
CC. Eliminating all deficiency liability automatically
DD. Allowing the borrower to remain in the property for 2 years after transfer
Explanation
A deed in lieu of foreclosure allows a defaulting borrower to voluntarily convey the property to the lender, avoiding formal foreclosure. It may reduce negative credit reporting compared to foreclosure, though it still significantly affects credit.
Related Georgia Escrow & Title Questions
- Georgia's transfer tax (real estate transfer tax) is calculated at a rate of:
- In Georgia, a security deed (also called a deed to secure debt) differs from a mortgage because:
- A title commitment (binder) issued by a title company represents:
- For a deed to be valid in Georgia, which of the following is required?
- Georgia's foreclosure process under a Security Deed is primarily:
- A 'HUD-1 Settlement Statement' has been replaced for most transactions by which document?
- A 'lis pendens' recorded against a Georgia property means:
- In Georgia, all real estate closings must be conducted by:
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