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The deed in lieu is pretty straightforward. In short, it means that the mortgage creditor will accept the deed of the house in lieu of payment when the debt owner is no longer able to pay upon the debt. When this happens, the home owner surrenders the property and moves out saving the mortgage creditor the lengthy time and legal trouble of taking an legal action upon the home owner to remove the home owner from the premises, enabling the creditor to recover the debt owed. Usually this is to the benefit of the home owner in situations where the housing market is depressed, there are many foreclosures on the market preventing the usual sale of the home, and the amount of equity in the house is not worth keeping the house, and/or selling the house under normal market circumstances.
If you have a second mortgage, you should also consider that that debt is yours because the mortgage creditor is only concerned about the first mortgage, and not any subsequent mortgages taken against the home.
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∙ 13y ago
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Can a deed in lieu be initiated with a cosigner?
Any transaction can be initiated by either party, but the signatures of both will be required on the deed-in-lieu agreement and property transfer documents.
Do you have to short sale before a deed in lieu?
yes.
Can you still do a deed in lieu once foreclosure papers were signed?
Majority of the time it depends on the investor of your loan as well as the company that services the mortgage. Most companies will require that you have deed in lieu paper work submitted a certain amount of time before a foreclosure sale.
How long does a deed in lieu stay on your credit?
7 yrs
Will a deed in lieu of foreclosure go on your credit report?
Yes.
Can you do Deed in lieu after foreclosure?
deed in lieu after foreclosure?
Deed in lieu?
Often confused with a "short sell", a "deed in lieu" is used when a homeowner facing foreclosure asks the lender to accept the deed instead (in lieu) of foreclosure. A sample request for a deed in lieu can be found at the source below.
Does a Deed in lieu of foreclosure affect credit the same as a foreclosure?
Deed in lieu of foreclosure is not nearly as devastating to your credit as is a full foreclosure. Below is an article about the pros and cons of deed in lieu.
Can you use a deed in lieu to put property you bought from father back into fathers living trust without effecting credit if he agrees?
You need to provide more details. A deed in lieu is a deed from a borrower to a lender in lieu of a foreclosure. That does not seem to be your case. You can provide more detail on the discussion page.You need to provide more details. A deed in lieu is a deed from a borrower to a lender in lieu of a foreclosure. That does not seem to be your case. You can provide more detail on the discussion page.You need to provide more details. A deed in lieu is a deed from a borrower to a lender in lieu of a foreclosure. That does not seem to be your case. You can provide more detail on the discussion page.You need to provide more details. A deed in lieu is a deed from a borrower to a lender in lieu of a foreclosure. That does not seem to be your case. You can provide more detail on the discussion page.
Can a deed in lieu be initiated with a cosigner?
Any transaction can be initiated by either party, but the signatures of both will be required on the deed-in-lieu agreement and property transfer documents.
Can a wife whose name is on the deed and the mortgage do a deed in lieu without the husband?
No. If the husband is a grantee on their deed then he must sign the deed in lieu of foreclosure. If only the wife signed then the lender would acquire only the wife's interest in the property.No. If the husband is a grantee on their deed then he must sign the deed in lieu of foreclosure. If only the wife signed then the lender would acquire only the wife's interest in the property.No. If the husband is a grantee on their deed then he must sign the deed in lieu of foreclosure. If only the wife signed then the lender would acquire only the wife's interest in the property.No. If the husband is a grantee on their deed then he must sign the deed in lieu of foreclosure. If only the wife signed then the lender would acquire only the wife's interest in the property.
Can banks be forced to accept a deed in lieu of foreclosure?
NO.
Can a deed in lieu of be on an investment property?
Yes. Absolutely.
Do you have to short sale before a deed in lieu?
yes.
Where may you obtain a 'Deed in Lieu of Foreclosure'?
A deed in lieu of foreclosure is a deed to real property accepted by the lender from a borrower who is in default. It is accepted in order to avoid the expense of a foreclosure. If you are in default you would need to negotiate with your lender to see if they would accept a deed in lieu of foreclosure from you. There may be other consequences of a deed in lieu so you should seek the advice of an attorney if you are in default and contemplating your options. There may be a community service available for foreclosure counseling in your area.
Can you still do a deed in lieu once foreclosure papers were signed?
Majority of the time it depends on the investor of your loan as well as the company that services the mortgage. Most companies will require that you have deed in lieu paper work submitted a certain amount of time before a foreclosure sale.
How long does a deed in lieu stay on your credit?
7 yrs
