With a deed in lieu of foreclosure, the deficiency amount is the difference between the fair market value of the property and the total debt. In most cases, completing a deed in lieu will release the borrowers from all obligations and liability under the mortgage, but this is not always the case.
Lineal Descendant. (n) Lineal descendants are the direct line of relationship flowing downwards from an individual starting with his children, grand children and their children and so on. Unlike collateral descendants it wont include brothers and sisters.
descendant noun [C]. C2 a âperson who is ârelated to you and who âlives after you, such as âyour âchild or âgrandchild: He has no descendants. They âclaim to be descendants of a âFrench âduke. We âowe it to âour descendants (= âpeople âyounger than us who will âlive after we have âdied) to âleave them a âclean âworld to âlive in.