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Alaska Grantor's Estoppel and Solvency Affidavit Under Deed In Lieu of...

Alaska Grantor's Estoppel and Solvency Affidavit Under Deed In Lieu of Foreclosure

Name: Alaska Grantor's Estoppel and Solvency Affidavit Under Deed In Lieu of Foreclosure
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.61 (223 reviews)

Category:

Alaska Affidavits - Real Estate

State:

Alaska

Control #:

AK-LR115T

Format:

Instant download

Description

This affidavit is made for the protection and benefit of the grantee in said deed, his/her successors and assigns, and all other parties hereafter dealing with or who may acquire an interest in the property.

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How to fill out Alaska Grantor's Estoppel And Solvency Affidavit Under Deed In Lieu Of Foreclosure?

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FAQ

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.Similar to a short sale, a deed in lieu of foreclosure likely will not damage your credit as severely as a foreclosure or a bankruptcy.

Estoppel Certificate Form Of Individual Giving Deed In Lieu of Foreclosure.This affidavit is made for the protection and benefit of the grantee in said deed, his successors and assigns, and all other parties hereafter dealing with or who may acquire an interest in the property herein described.

A deed in lieu of foreclosure (lieu deed) is a conveyance, by the owner of property encumbered by a mortgage, to the mortgagee, in full satisfaction of the obligation secured by the mortgage.

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.

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.

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.

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.

Your credit will still take a hit: While a deed in lieu arrangement won't harm your credit as drastically as a foreclosure, you can still expect your score to drop. You also won't be able to easily get another mortgage if you have a deed in lieu on your credit report.

Alaska Grantor's Estoppel and Solvency Affidavit Under Deed In Lieu of Foreclosure

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FAQ

Is a deed in lieu of foreclosure the same as a short sale?

What is an estoppel affidavit deed in lieu of foreclosure?

What's another term for deed in lieu of foreclosure?

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

Who benefits from a deed in lieu of foreclosure?

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

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

How does a deed in lieu of foreclosure affect your credit?

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