Form-of-the-Week: Purchase Agreement with Short Sale Contingency, and Deed-in-Lieu of Foreclosure — Forms 150-5 and 406
Alternative methods to a foreclosure sale on mortgaged property include a short sale and a deed-in-lieu of foreclosure. RPI Form 150-5 allows a buyer to purchase a property when the mortgage holder agrees to take a reduced payoff to satisfy the debt and clear title. RPI Form 406 allows an owner to deed their property directly to their mortgage holder.
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