This s a Grant Deed in the form of a Deed in Lieu of Foreclosure where the Grantor and the Grantee is a Trust. Grantor conveys and grants the described property to the Grantee. The transfer to the Grantee serves as satisfaction of the prior Deed of Trust and Promissory Note. This deed complies with all state statutory laws.
Deed Lieu To Withdraw
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State:
California
Control #:
CA-029-78
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Word;
Rich Text
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How to fill out California Deed In Lieu Of Foreclosure - Individual To A Trust?
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FAQ
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.
A deed in lieu might make sense for you if: ? You're already behind on your mortgage payments or expect to fall behind in the near future. ? You're facing a long-term financial hardship. ? You're underwater on your mortgage (meaning that your loan balance is higher than the home's value).
Disadvantages of a deed in lieu of foreclosure You will have to surrender your home sooner. You may not pursue alternative mortgage relief options, like a loan modification, that could be a better option. You'll likely lose any equity in the property you might have.
If you had high credit scores to begin with, a deed in lieu will cause a bigger fall in your scores than if you started out with low scores. So, if you're one of the few borrowers who hasn't missed many payments?or any payments?before doing a deed in lieu, you'll likely see your scores drop 100 points or more.
Disadvantages to Lender A lender should also hesitate before accepting a lieu deed where there are outstanding subordinate liens or judgments against the property. In such a situation, the lender will have to foreclose its mortgage, with the attendant expense and time involved to obtain clear title.