Arkansas Deed in Lieu of Prior Deed to Correctly Identify the Amount of Interest intended to Be Conveyed
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FAQ
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.
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.
The purchaser has no responsibility because the purchaser receives the property title without the mortgage and junior liens. What is a major disadvantage to lenders of accepting a deed in lieu of foreclosure? The lender takes the real estate subject to all junior liens.
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.
These potential risks include, among other things, the possibility that the property is not worth more than the remaining balance on the mortgage and that junior creditors might hold liens on the property. The big downside with a deed in lieu of foreclosure is that will damage your credit.
A habendum clause is section of a contract that deals with rights, interests, and other aspects of ownership given to one of the parties in land deals. In real estate leases, the habendum clause deals with the lessee's rights and interests.
A deed in lieu means you and your lender reach a mutual understanding that you're no longer able to make your mortgage loan payments. The lender agrees to avoid putting you into foreclosure when you hand the property over amicably. In exchange, the lender releases you from your obligations under the mortgage.
If the trial court finds the grantor intended the deed to take effect at some point in the future, or if the trial court finds the grantor thought the deed would not be effective until some subsequent act was performed, then there was no delivery and the deed is void and ineffective.
