Property Ownership
In Michigan, a deed in lieu of foreclosure involves:
AA court ordering the sale of property
BThe borrower voluntarily transferring title to the lender to avoid foreclosure proceedings✓ Correct
CA third-party purchase of the property before foreclosure
DThe lender waiving all deficiency rights
Explanation
In a deed in lieu of foreclosure, the borrower conveys the property voluntarily to the lender in exchange for release from the mortgage obligation, avoiding the time and expense of formal foreclosure proceedings.
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