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This saves them some money, since a foreclosure process is sometimes a prolonged and costly affair. In nearly all states proprietor has an expanded period of time, in spite of foreclosure, to cure the default and obtain the house rear side. Meaning, that if the bank were provide it, the sale wouldn't be "final" for quit some time. All that time it's their problem; as well as the truth is. Banks don't want properties; they want payments, especially right this time.

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If the people are approved for the lease, Fannie Mae notifies the mortgage lender by mailbox. In that email they ask the mortgage lender to notify them with the date can the Deed In Lieu of Foreclosure will be completed. The effective date of the lease is the date the Deed Instead of Foreclosure is accepted by industry company.

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