New York Affidavit Deed/Leasehold Assignment in Lieu of Foreclosure

• Category: New York Affidavits
• State: New York
• Control #: NY-S018ST
• Format: Word; Rich Text

Description

This form is used as a method for a lienholder of property to avoid a lengthy and expensive foreclosure process. With a deed in lieu of foreclosure, a foreclosing lienholder agrees to have the ownership interest transferred to the bank/lienholder as payment in full. The debtor simply deeds the property to the bank as a substitute for foreclosure. A New York Affidavit Deed/Leasehold Assignment in Lieu of Foreclosure is a legal document that is used by a mortgagor (the lender) to transfer the title of a property to a third-party (the assignee) in order to avoid a foreclosure. This type of deed is typically used when a borrower is unable to pay the remaining balance of their mortgage loan. In this case, the mortgagor will transfer the title to the assignee, who will then take on the responsibility of paying off the remaining balance. In New York, there are two types of New York Affidavit Deed/Leasehold Assignment in Lieu of Foreclosure: a leasehold assignment and a deed in lieu of foreclosure. A leasehold assignment is an agreement between the mortgagor and the assignee that states the assignee will take over the responsibility of the remaining balance of the mortgage loan. This is typically done when the mortgagor does not want to foreclose on the property. A deed in lieu of foreclosure is an agreement between the mortgagor and the assignee that states the assignee will take over the title of the property in exchange for assuming the responsibility of the remaining balance of the mortgage loan. This is typically done when the mortgagor wants to avoid the foreclosure process. Both types of New York Affidavit Deed/Leasehold Assignment in Lieu of Foreclosure must be filed with the county clerk's office. Both types include the mortgagor's signature, the assignee's signature, and an affidavit signed by a notary public, in order for them to be valid.

A New York Affidavit Deed/Leasehold Assignment in Lieu of Foreclosure is a legal document that is used by a mortgagor (the lender) to transfer the title of a property to a third-party (the assignee) in order to avoid a foreclosure. This type of deed is typically used when a borrower is unable to pay the remaining balance of their mortgage loan. In this case, the mortgagor will transfer the title to the assignee, who will then take on the responsibility of paying off the remaining balance. In New York, there are two types of New York Affidavit Deed/Leasehold Assignment in Lieu of Foreclosure: a leasehold assignment and a deed in lieu of foreclosure. A leasehold assignment is an agreement between the mortgagor and the assignee that states the assignee will take over the responsibility of the remaining balance of the mortgage loan. This is typically done when the mortgagor does not want to foreclose on the property. A deed in lieu of foreclosure is an agreement between the mortgagor and the assignee that states the assignee will take over the title of the property in exchange for assuming the responsibility of the remaining balance of the mortgage loan. This is typically done when the mortgagor wants to avoid the foreclosure process. Both types of New York Affidavit Deed/Leasehold Assignment in Lieu of Foreclosure must be filed with the county clerk's office. Both types include the mortgagor's signature, the assignee's signature, and an affidavit signed by a notary public, in order for them to be valid.