Foreclosing on Nothing: The Curious Problem of the Deed of ...
distinct. PETE status refers to rights against the maker of the note—the borrower. Thus, a borrower can negotiate with the party having PETE status to modify the loan, accept a payoff for less than the face amount owed, or approve a “short sale” or a deed in lieu of foreclosure and be assured that any agreement reached with the PETE in ................
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