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Arizona Warranty Deed in Lieu of Foreclosure and Affidavit

Foreclosure

Name: Arizona Warranty Deed in Lieu of Foreclosure and Affidavit
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.73 (230 reviews)

Category:

Arizona Real Estate - Foreclosures

State:

Arizona

Control #:

AZ-REAL-10

Format:

Instant download

Description Warranty Deed Form Blank

This deed, or deed-related form, is for use in property transactions in the designated state. This document, a sample Warranty Deed in Lieu of Foreclosure & Affidavit - Arizona, can be used in the transfer process or related task. Adapt the language to fit your circumstances. Available for download now in standard format(s).

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How to fill out Arizona Affidavit Grantor Application?

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Deed In Lieu Of Foreclosure Form Other Form Names

Warranty Deed Form Property Deed Real Arizona Foreclosure Arizona Foreclosure Affidavit File Arizona Warranty Deed Form Arizona Warranty Deed Document Arizona Foreclosure Az

Deed Lieu Foreclosure FAQ

Disadvantages of a Deed in Lieu of Foreclosure. Perhaps the biggest disadvantage of a deed in lieu is that the Lender takes subject to all other encumbrances and interests in the Property. Therefore if there is a second mortgage, for example, a deed in lieu would likely not be a viable strategy.

A deed in lieu can eliminate your deficiency if you owe more on your home than the home is worth. In exchange for giving the lender your deed voluntarily and keeping the home in good condition, your lender may agree to forgive your deficiency or greatly reduce it.

If your lender agrees to a short sale or to accept a deed in lieu of foreclosure, you might owe federal income tax on any forgiven deficiency. The IRS learns of the deficiency when the lender sends it a Form 1099-C, which reports the forgiven debt as income to you.

C. The purchaser must pay off both the mortgage and junior lienholders after the sale. What is a major disadvantage to lenders of accepting a deed in lieu of foreclosure?The lender gains rights to private mortgage insurance.

The deed in lieu of foreclosure offers several advantages to both the borrower and the lender. The principal advantage to the borrower is that it immediately releases him/her from most or all of the personal indebtedness associated with the defaulted loan.

The impact that a deed in lieu has on your score depends primarily on your credit history.According to FICO, if you start with a score of around 780, a deed in lieu (without a deficiency balance) shaves 105 to 125 points off your score; but if you start with a score of 680, you'll lose 50 to 70 points.

A deed in lieu of foreclosure is different from a short sale because it transfers the property to the lender instead of selling it to a new buyer.Most lenders find this option less appealing than a short sale because they will need to handle the logistics of the sale instead of the homeowner.

Foreclosure

Description Warranty Deed Form Blank

Deed In Lieu Of Foreclosure Forms Related forms

How to fill out Arizona Affidavit Grantor Application?

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Lieu Real10 Form Draft Form Rating

Property Deed Title Form popularity

Deed In Lieu Of Foreclosure Form Other Form Names

Deed Lieu Foreclosure FAQ

What is the biggest disadvantage of a lender of a deed in lieu of foreclosure?

Is it better to do a deed in lieu of foreclosure?

Will I owe money after a deed in lieu of foreclosure?

What is a major disadvantage to lenders of accepting a deed in lieu of foreclosure?

Who benefits from a deed in lieu of foreclosure?

How will a deed in lieu affect me?

Is it better to short sale or deed in lieu?

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