Deed In Lieu Template With Foreclosure/deed
Description
How to fill out Conveyance Of Deed To Lender In Lieu Of Foreclosure?
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FAQ
A deed in lieu of foreclosure is a document that transfers the title of a property from the property owner to their lender in exchange for relief from the mortgage debt. Choosing a deed in lieu of foreclosure can be less damaging financially than going through a full foreclosure proceeding.
Deed-in-Lieu of Foreclosure, Preforeclosure Sale, and Charge-Off of a Mortgage Account. A four-year waiting period is required from the completion date of the deed-in-lieu of foreclosure, preforeclosure sale, or charge-off as reported on the credit report or other documents provided by the borrower.
Damage to your credit: While less severe than a foreclosure, a deed in lieu of foreclosure damages your credit significantly, and can make it difficult to qualify for another mortgage for several years.
Advantages to a borrower in offering a lieu deed include, first, the release of the borrower and all other persons who may owe payment or the performance of other obligations secured by the mortgage. However, such persons remain liable if they agree to do so contemporaneously with the lieu deed transaction.
A Deed in Lieu does not clear second (or even third) mortgages, and therefore will not allow the lender to take clear title to the property. (These are sometimes referred to as junior liens.) And if the Deed in Lieu is accepted, the secondary lender may come after you for the deficiency.