Keeping possession of real property without a right, such as after a lease has expired or after the real property has be sold by the possessor, may entitle the owner to file a lawsuit for "unlawful detainer," asking for possession by court order, unpaid rent and damages. This form is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a notice in a particular jurisdiction.
Minnesota Complaint or Petition by Purchaser Against Possessor of Real Property After Judicial Foreclosure Sale - Repossession
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How to fill out Complaint Or Petition By Purchaser Against Possessor Of Real Property After Judicial Foreclosure Sale - Repossession?
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FAQ
inlieu of foreclosure may help you avoid being personally liable for any amount remaining on the mortgage. If you choose this option, a U.S.Department of Housing and Urban Development (HUD)approved housing counseling agency can help you plan your next steps.
A deed in lieu of foreclosure occurs when the mortgagor (i.e. the borrower) conveys their interest in real property to the mortgagee (i.e. the lender) in order to avoid foreclosure proceedings.
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. As noted above, the burden of selling your home shifts to someone else, so it may be more appealing than a short sale.
Drawbacks Of A Deed In Lieu No guarantee of acceptance: Your lender isn't obligated to accept your deed in lieu of foreclosure. 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.
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.
