Liquidation involves the process of closing a business, selling its assets, and distributing the proceeds to creditors and shareholders. It can also refer to retiring debts by paying them off.
Mortgage relief involves the alleviation or settlement of mortgage debt. This can occur through the assumption of mortgage by another party or the repayment of debt. In tax-free exchanges, mortgage relief can be considered as boot received and could have tax implications.
Reconveyance is the process through which the lender transfers the title of the property back to the borrower once the mortgage loan is paid off in full. This legal instrument removes the lender's claim and gives the property owner clear title.
