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What is make whole preforeclosure sale?
Make whole preforeclosure sale refers to a sale of a property in preforeclosure that allows the borrower to satisfy the entire outstanding mortgage balance, including any fees or penalties, in one lump sum payment.
Who is required to file make whole preforeclosure sale?
The borrower or homeowner is required to initiate and file the make whole preforeclosure sale.
How to fill out make whole preforeclosure sale?
To fill out a make whole preforeclosure sale, the borrower needs to provide information regarding the property, outstanding mortgage balance, any fees or penalties, and the proposed lump sum payment amount. This information is usually submitted to the lender or the mortgage servicing company.
What is the purpose of make whole preforeclosure sale?
The purpose of a make whole preforeclosure sale is to enable the borrower to avoid foreclosure by selling the property and using the proceeds to fully satisfy the outstanding mortgage balance, eliminating the risk of subsequent foreclosure proceedings.
What information must be reported on make whole preforeclosure sale?
The make whole preforeclosure sale typically requires reporting of information such as the property address, borrower's name, outstanding mortgage balance, terms of sale, proposed lump sum payment amount, and any additional fees or penalties to be included in the settlement.
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