This form is a Warranty Deed where the grantor(s) transfer all interest in the real property to the grantee(s) in lieu or in place of foreclosure. This deed complies with all state statutory laws.
Chicago Illinois Warranty Deed in Lieu of Foreclosure
Category:
State:
Illinois
City:
Chicago
Control #:
IL-021-78
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Illinois Warranty Deed In Lieu Of Foreclosure?
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FAQ
What is a major disadvantage to lenders of accepting a deed in lieu of foreclosure? It is an adverse element in the borrower's credit history. The lender takes the real estate subject to all junior liens. The process is lengthy and involves a lawsuit.
Drawbacks Of A Deed In Lieu 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. You also won't be able to easily get another mortgage if you have a deed in lieu on your credit report.
This deed instrument allows homeowners to satisfy a mortgage loan that's at risk of defaulting, and, most importantly, avoid foreclosure proceedings. A deed in lieu can benefit both the borrower and lender, specifically by sparing both parties from an expensive and time-consuming foreclosure process.
inlieu of foreclosure is an arrangement where you voluntarily turn over ownership of your home to the lender to avoid the foreclosure process. inlieu of foreclosure may help you avoid being personally liable for any amount remaining on the mortgage.
What is the most likely disadvantage to a lender in accepting Deed in Lieu of Foreclosure? Rationale: The liability for existing liens on the property is the most likely disadvantage.
There's less negative impact on your credit score. With a deed in lieu of foreclosure, the drop might be anywhere from 50 to 125 points or higher. With a foreclosure, the drop is anywhere from 85 to more than 160 points, which means that it could take significant time to rebuild your credit.
Less damage to your credit: A deed in lieu agreement stays on your credit report for 4 years while a foreclosure sticks around for 7 years. Taking a deed in lieu agreement can allow you to buy a new home sooner than if you go through a foreclosure.
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.
