This s a Grant Deed in the form of a Deed in Lieu of Foreclosure where the Grantor and the Grantee is a Trust. Grantor conveys and grants the described property to the Grantee. The transfer to the Grantee serves as satisfaction of the prior Deed of Trust and Promissory Note. This deed complies with all state statutory laws.
Irvine California Deed in Lieu of Foreclosure - Individual to a Trust
Category:
State:
California
City:
Irvine
Control #:
CA-029-78
Format:
Word;
Rich Text
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FAQ
When a deed of trust is foreclosed by court sale, the action: Would allow the trustor a redemption period; A trustee has legally begun the process to sell property secured by a trust deed.
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.
One downside to a deed in lieu is that you may face taxes on the amount of your forgiven debt, which the IRS considers income. The taxable amount is the total debt at the time it was forgiven minus the fair market value of the home at that time.
Deed Of Trust Vs. A mortgage only involves two parties ? the borrower and the lender. A deed of trust adds an additional party, a trustee, who holds the home's title until the loan is repaid. In the event of default on the loan, the trustee is responsible for starting the foreclosure process.
How to Foreclose on a Deed of Trust Step 1 ? Notice of Default. Record a Notice of Default with the county recorder.Step 2 ? Notice of Sale.Step 3 ? Auction.Step 4 ? Obtain Possession of Property.
1) A D.O.T. is much easier to foreclose upon then a mortgage because the process to foreclose on a D.O.T. bypasses the judicial process. Assuming the Trustee gives the right notices (Notice of Default and Notice of Sale) the process will go to sale without court involvement at all.
In California, lenders can foreclose on deeds of trust or mortgages using a nonjudicial foreclosure process (outside of court) or a judicial foreclosure process (through the courts). The nonjudicial foreclosure process is used most commonly in our state.
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As of June 29, 1993, the loan was in default, and the mortgage lender began the process of foreclosure. If for any reason you missed downloading the documents or the links didn't display, please do not place another order.All pertinent documents contain the new 2015 Notary Requirement. B. evidence of a sale c. A security interest in the property for the lender d. The City Clerk shall thereupon fix a time and place for a hearing of such appeal. C. Enter the amount of the First Deed of Trust, if any.