Deed Foreclosure Form For Sale Of Property
Description
How to fill out Conveyance Of Deed To Lender In Lieu Of Foreclosure?
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FAQ
In a deed in lieu of foreclosure, also known as a friendly foreclosure, the borrower transfers ownership of the commercial property to the lender voluntarily. Instead of going through a lengthy and costly foreclosure process, the borrower willingly gives up the property to satisfy the debt.
The main difference between a deed and a deed of trust is that a deed is a transfer of ownership, while a deed of trust is a security interest. A deed of trust is used to secure a loan, while a deed is used to transfer ownership of a property.
Prior to the mortgage crisis, voluntary foreclosures?also called friendly foreclosure, mortgage release, strategic release or simply walking away?were rarely used. But with a shifting real estate market and challenging economic times, some homeowners still may choose this option today.
A deed in lieu of foreclosure is a deed instrument in which a mortgagor (i.e. the borrower) conveys all interest in a real property to the mortgagee (i.e. the lender) to satisfy a loan that is in default and avoid foreclosure proceedings.
Once the bank takes over on the property, it sells the property at a discounted price to recover money lost on the mortgage loan. Foreclosure remains on a borrower's credit report for seven years and it is one of the worst types of credit report entered and can have negative impact on future ability to get credit.