This detailed sample Deed in Lieu of Foreclosure complies with Texas law. Adapt the language to fit your facts and circumstances. Available in Word and Rich Text formats.
Austin Texas Deed in Lieu of Foreclosure
Category:
State:
Texas
City:
Austin
Control #:
TX-1046
Format:
Word;
Rich Text
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How to fill out Texas Deed In Lieu Of Foreclosure?
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FAQ
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.
If the lender is willing to accept a deed in lieu of foreclosure, you'll sign a legal document that transfers the legal title of your property to the lender. Then they'll issue a mortgage release, which shows you're no longer required to pay your mortgage debt.
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.
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.
In Texas, there are three ways in which a lienholder can foreclose on a property: Judicial Foreclosure. A judicial foreclosure requires the lienholder to file a civil lawsuit against the homeowner.Non-Judicial Foreclosure.Expedited Foreclosure.
A deed in lieu of foreclosure (often shortened to deed in lieu) is one of many forms of deeds in Texas used to convey title to real property (see Deeds in Texas). A borrower gives a deed in lieu to avoid the foreclosure of its defaulted mortgage loan.
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.
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.
Short Sale. If you don't want or need to hold on to the home, then a short sale could be another alternative to a deed in lieu of foreclosure or a foreclosure proceeding. In a short sale, the lender agrees to let you sell the home for less than what's owed on the mortgage.