voluntary foreclosure
Definition
An arrangement between a mortgagor and a mortgagee in which the mortgagor grants the mortgagee possession of the property on the effective date of the agreement in exchange for a waiver of a deficiency judgment or other claim for personal liability. An accelerated foreclosure process initiated by a mortgagor after at least on month's default in which rights to reinstatement, surplus proceeds and rents are waived.
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