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Today's Terms
Bankruptcy estate
Definition:
Generally, the property of the debtor that is subject to the jurisdiction of the bankruptcy court.
Deed in Lieu of Foreclosure
Definition:
If you will be unable to cure the default, and a private sale does not appear realistic, VA will consider accepting a deed in lieu of foreclosure. If there are no liens on the property, and VA agrees to accept a deed, you will have to sign legal papers making VA the owner of the property.
Substantive consolidation
Definition:
The combination of the estate of one debtor with the estate of one or more other debtors and the application of the combined estate to satisfy their combined liabilities.
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