A voluntary foreclosure is a foreclosure proceeding that is initiated by a borrower who is unable to continue making loan payments on a property, in an attempt to avoid further payments and prevent involuntary foreclosure and eviction. An involuntary foreclosure, on the other hand, is initiated by the lending institution in order to take possession of a property to recover their losses and is typically the last option for borrowers unable to make payments on their loans. Borrowers can seek voluntary foreclosures from banks and other lending institutions for both residential and commercial properties.
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