About Voluntary Foreclosure

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Voluntary foreclosure requires the agreement of a particular lender, which depends on the lender determining if the property's worth will satisfy the outstanding debt. Find out how a voluntary foreclosure can result in a deficiency judgment with help from a civil mediator in this free video on foreclosure law.

Part of the Video Series: Foreclosure Help
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Video Transcript

You have gotten behind on the mortgage payments on your house and so you're starting to worry about foreclosure and you're worried if foreclosure will mess up your credit for the rest of your life and so forth and so on. And you've heard something from a neighbor about voluntary foreclosure. Bypassing the whole process. Hello, I'm Robert Todd and I'm here to talk about "What is voluntary foreclosure?" Well, first of all, voluntary foreclosure requires the agreement of your particular lender. Generally, foreclosure involves the lender trying to obtain your property because you haven't been paying your mortgage payments. And so the lender goes through a judicial process which ultimately leads to the sale of your property, so that the lender can take possession and ownership of your property and then sell it and see if they can satisfy the mortgage. Well, voluntary foreclosure involves you offering the property to the lender so that the lender doesn't have to sell it or go through the judicial proceedings to sell it. But, again it's up to the lender to determine whether if you voluntarily deed the property back to them, without them going through the judicial process, whether they can get enough money out of that property to satisfy the outstanding debt. If they don't, you're still going to owe what will be a deficiency judgment. So, it is voluntary on your part. It's also voluntary on the lender's part. I'm Robert Todd and thank you for watching.

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