Escrow & Title
What is a 'deed in lieu of foreclosure' in Illinois?
AA deed prepared by the court to transfer foreclosed property
BA voluntary transfer of property from a defaulting borrower to the lender to avoid the foreclosure process✓ Correct
CA deed that allows a buyer to assume a foreclosed property's mortgage
DA court-ordered deed used in divorce proceedings to transfer property
Explanation
A deed in lieu of foreclosure is an agreement where a borrower voluntarily transfers title to the lender to avoid formal foreclosure proceedings. Benefits include avoiding the public foreclosure process and potential credit impact.
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