This deed, or deed-related form, is for use in property transactions in the designated state. This document, a sample Warranty Deed in Lieu of Foreclosure & Affidavit - Arizona, can be used in the transfer process or related task. Adapt the language to fit your circumstances. Available for download now in standard format(s).
Chandler Arizona Warranty Deed in Lieu of Foreclosure and Affidavit is a legal document used in real estate transactions to transfer ownership of a property to a lender in order to satisfy a mortgage debt without going through the process of foreclosure. This alternative option allows the borrower to hand over the property voluntarily while avoiding the negative impacts of a foreclosure on their credit rating. In Chandler, Arizona, there are two common types of Warranty Deed in Lieu of Foreclosure and Affidavit: 1. Full Satisfaction Warranty Deed in Lieu of Foreclosure and Affidavit: With this type, the borrower conveys the property to the lender, and in return, the lender agrees to fully release the borrower from their mortgage debt and any further claims or liabilities related to the property. This document ensures that the lender cannot pursue the borrower for any deficiency balance after the transfer. 2. Deed in Lieu of Foreclosure and Affidavit with Deficiency Judgment: In some cases, the lender may request this type of warranty deed if the fair market value of the property is insufficient to cover the outstanding mortgage debt. This document allows the lender to accept the property but retain the right to pursue a deficiency judgment against the borrower for the remaining balance owed. By executing a Chandler Arizona Warranty Deed in Lieu of Foreclosure and Affidavit, both the borrower and lender can reach a mutual agreement to avoid the costly and time-consuming foreclosure process. It is important for both parties to understand the implications and seek legal advice before entering into such an agreement. Keywords: Chandler Arizona, Warranty Deed in Lieu of Foreclosure and Affidavit, real estate transactions, transfer ownership, mortgage debt, foreclosure, alternative option, negative impacts, credit rating, full satisfaction, deficiency judgment, fair market value, outstanding mortgage debt, pursue, mutual agreement, legal advice.
