Finance
A Virginia borrower who cannot pay their mortgage and faces foreclosure may explore a 'deed in lieu of foreclosure.' This means:
AThe borrower sues the lender
BThe borrower voluntarily transfers title to the lender to satisfy the debt and avoid foreclosure✓ Correct
CThe borrower refinances the loan
DThe borrower gets a forbearance agreement
Explanation
A deed in lieu of foreclosure is a voluntary conveyance of the property to the lender in exchange for cancellation of the debt, avoiding the formal foreclosure process. The lender must agree to this arrangement.
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