To purchase a house, Denise obtains a mortgage loan with Employees Credit Union. Denise defaults on the payments on the loan. She agrees to submit to a court's jurisdiction, to waive any defenses as well as the right to appeal, and to cooperate with the lender. This is

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A friendly foreclosure is when the borrower cooperates with the lender to avoid a formal foreclosure process, often by agreeing to certain terms like waiving defenses and the right to appeal.

To Purchase a House, Denise Obtains a Mortgage Loan with Employees