Escrow & Title
A 'deed in lieu of foreclosure' in Ohio is when a borrower:
AAllows the lender to auction the property at a sheriff's sale
BVoluntarily transfers the property to the lender to avoid the foreclosure process✓ Correct
CFiles for bankruptcy to stop foreclosure
DRefinances the mortgage with a different lender
Explanation
In a deed in lieu of foreclosure, the borrower voluntarily conveys the property to the lender to satisfy the mortgage debt, avoiding the lengthy and costly judicial foreclosure process.
Related Ohio Escrow & Title Questions
- What is a lis pendens foreclosure notice in Ohio?
- In Ohio, a 'purchaser's certificate' in a tax lien sale process gives the purchaser:
- In Ohio, a Closing Disclosure (CD) must be provided to the buyer at least:
- A short sale in Ohio is one in which:
- What is proration at closing and give an example?
- What is a title commitment (binder)?
- In Ohio, which document is used to transfer ownership of personal property at a real estate closing?
- A sheriff's deed in Ohio is typically issued in connection with:
Practice More Ohio Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Ohio Quiz →