by Eliot | Legal:
Deed In Lieu’ is a common short-hand term for this situation: a borrower can’t make loan payments, and hands over their deed to the property instead, so that the lender does not have to take the home. The full phrase is ‘deed in lieu of...
by Eliot | Legal:
A foreclosure is essentially a legally-forced change in possession, where a lender seizes collateralized property – such as a home – when a borrower is unable to pay the loan. While laws vary by state, borrowers typically have a ‘period of...
by Eliot | Legal:
While there’s no concrete answer to how long a lawsuit process might take in court, US cases take over a year on average, and cases running 5 or more years are not unheard of. The load of cases before state courts has increased over time, and staffing has not....
by Eliot | Legal:
What is a power of attorney and how does it work? To keep a board game running while one player takes a break, that player could say to another ‘roll the dice and move for me.’ They are granting the second player power to act fully within the game rules....
by Eliot | Legal:
Imagine a board game player telling a friend ‘roll for me, but don’t sell anything’. Would the friend continue to roll when the player returned? Probably not. In game terms, they were granting a limited, temporary power to act on their behalf. These...
