Escrow & Title
A deed in lieu of foreclosure in Oklahoma is an alternative to foreclosure where:
AThe lender agrees to forgive the entire loan balance
BThe borrower voluntarily deeds the property to the lender to satisfy the debt and avoid the formal foreclosure process✓ Correct
CThe property is sold at auction with the lender's permission
DThe borrower retains possession but transfers legal title to a trustee
Explanation
A deed in lieu of foreclosure allows a borrower in default to voluntarily convey the property to the lender in exchange for release from the mortgage obligation. It allows both parties to avoid the time and expense of formal foreclosure proceedings.
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