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A lot of homeowners facing Texas foreclosures have been receiving advice from mortgage service providers and lenders to opt for the process called deeds in lieu. A big number of lenders are also reportedly targeting certain borrowers by offering them cash incentives to convince them to forego the long and complicated process of foreclosures or short sales by deeding titles.
Lenders try to avoid the troublesome process of foreclosure short sales by asking homeowners to deed the title of their homes with the promise of not bothering the homeowner in the future for any difference between the amount that the lender will get from selling the house and the amount owed to them by the homeowner. Mortgage lenders are said to be favoring this process because the whole procedure can be completed and the house can be sold off for as short a time as 30 days.
Mortgage firms reported that a lot of troubled homeowners or those facing Texas foreclosures are agreeing to this suggestion.
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