The offers services for the homeowners having problems with their monthly mortgage payments. There is the Loan Modification, the Short Sale and the Deed in Lieu. Many borrowers like the deed in lieu because this approach frees them quickly from debt.
What is a Deed in Lieu?
Deed in lieu is short for “deed in lieu of foreclosure”,[. It is a process in which the borrower hands over the property to the lender because of inability to pay the mortgage. This is supposed to settle the loan and therefore avoid foreclosure proceedings. The lender then puts the property on sale in order to get remaining balance of the loan. Borrowers like this process because it offers a quick solution to their problem while incurring less damage on their credit scores,[kicksbay[/url).
When opting for a deed in lieu to avoid foreclosure, legal documents like the Agreement in Lieu of Foreclosure and a Warranty Deed,[, Quit claim Deed or Grant Deed need to be signed. The first document contains the terms and conditions of the deed in lieu, while the second document transfers legal ownership of the property to the lender.
The lender puts the mark “paid” on the borrower’s notes and provides the borrower with two forms: one stating the cancellation of the debt and the other a waiver of the right to deficiency judgment.
What Can the Center Do For You?
The offers the deed in lieu for the borrower whose property’s worth is not less than what he owes. The lender might agree if the property’s value is about the same as the borrower’s loan. It spells savings in the cost of foreclosing procedures and eviction. After a deed in lieu, the lender still has to pay for maintenance and commission to a real estate broker who will sell the property. During mortgage meltdowns, lenders may not agree to a deed in lieu because many homes do not have enough equity to make the agreement lucrative.
A deed in lieu’s damage to the credit scores is approximately the same as that from a short sale.fsldi@d#$tgr%&*fvsd%&&*vfgds
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