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The WORD for Today is:
Abandon–to voluntarily leave your home, thereby relinquishing your rights to the property (through failure to use the property). It is a serious misstep for a consumer who is in default to abandon. Lenders are usually less willing to engage in loss mitigation if you do not reside in the home. For government backed loans, your RIGHT TO LOSS MITGATION is tied to your continued residence in the house. The lender has the legal right to accelerate foreclosure by virtue of your abandonment, which is in violation of the mortgage note. DON’T DO IT. STAY AND WORK WITH LOSS MITIGATION.
© Copyright 2008, Home Ownership Matters, LLC. All Rights Reserved.
You can find more helpful definitions of WORDS like these in Your Real Estate Advisor which can be purchased at www.DovePublishingHouse.com.
(Please E-mail Heather at homeownershipmatters@gmail.com with any questions, comments or concerns you might have! We appreciate all comments and feedback, so please don't be shy.)
Abandon–to voluntarily leave your home, thereby relinquishing your rights to the property (through failure to use the property). It is a serious misstep for a consumer who is in default to abandon. Lenders are usually less willing to engage in loss mitigation if you do not reside in the home. For government backed loans, your RIGHT TO LOSS MITGATION is tied to your continued residence in the house. The lender has the legal right to accelerate foreclosure by virtue of your abandonment, which is in violation of the mortgage note. DON’T DO IT. STAY AND WORK WITH LOSS MITIGATION.
© Copyright 2008, Home Ownership Matters, LLC. All Rights Reserved.
You can find more helpful definitions of WORDS like these in Your Real Estate Advisor which can be purchased at www.DovePublishingHouse.com.
(Please E-mail Heather at homeownershipmatters@gmail.com with any questions, comments or concerns you might have! We appreciate all comments and feedback, so please don't be shy.)
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