A deed in lieu of foreclosure cannot be given without credit counseling.

Question

Quizplus · Accepted Answer

A deed in lieu of foreclosure is a legal process where a borrower voluntarily transfers the ownership of their property to the lender to satisfy a loan that is in default and avoid foreclosure. There is no universal legal requirement for credit counseling before a borrower can give a deed in lieu of foreclosure, although lenders may have their own policies or recommendations.

A Deed in Lieu of Foreclosure Cannot Be Given Without