Escrow & Title
In Michigan, a 'deed in lieu of foreclosure' involves:
AThe lender buying the property at the foreclosure sale
BThe borrower voluntarily conveying title to the lender to satisfy the debt and avoid foreclosure proceedings✓ Correct
CA court ordering the sheriff to sell the property
DA third party purchasing the property at a discount
Explanation
A deed in lieu of foreclosure is a voluntary transaction in which the borrower conveys the property title to the lender in full satisfaction of the mortgage debt, avoiding the time and expense of a foreclosure proceeding. The lender must agree to accept it.
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