The correct answer is: D. Both statements above are wrong.
Foreclosure is the legal process by which a lender takes possession of a property after the borrower defaults on a loan secured by the property. The lender must follow specific legal procedures in order to foreclose on a property. In most cases, the lender must first send a notice of default to the borrower. The notice of default will inform the borrower that they are in default on their loan and that the lender may begin foreclosure proceedings. The borrower will then have a certain amount of time to cure the default, usually by making the missed payments. If the borrower does not cure the default, the lender may then file a foreclosure lawsuit against the borrower. If the lender wins the lawsuit, the court will issue a foreclosure order. The foreclosure order will allow the lender to sell the property at auction. The proceeds from the sale will be used to pay off the loan, and any remaining money will be returned to the borrower.
In some cases, the lender may be able to foreclose on a property without first obtaining a court order. This is known as a “deed in lieu of foreclosure.” A deed in lieu of foreclosure is a legal document in which the borrower voluntarily transfers ownership of the property to the lender. The lender may agree to accept a deed in lieu of foreclosure if the borrower is unable to make the missed payments and the lender does not want to go through the time and expense of a foreclosure lawsuit.
Both statements above are wrong because they do not accurately reflect the legal requirements for foreclosure. The lender must follow specific legal procedures in order to foreclose on a property, and the borrower does not have to consent to foreclosure.