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Source Landlord-Tenant Law Complete Real Property List Matched to this deck.

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After default, Borrower gives Senior Lender a deed in lieu of foreclosure. A junior mortgage remains of record, and the junior mortgagee did not consent.
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A deed in lieu gives junior lienholders personal liability on the senior debt. A deed in lieu is valid only if the property has no value. A deed in lieu generally transfers the mortgagor's interest to the mortgagee but does not automatically extinguish junior liens unless junior lienholders agree or other law applies. A deed in lieu is impossible because all defaults require judicial foreclosure.

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