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In Real estate what does the term deed instead of foreclosure mean?
Wiki User
∙ 14y ago
If the bank is about to foreclose on your property, you may be able to make a deal with them. Instead, of have them having to hire a lawyer and pay him several hundred dollars an hour and go to court and pay court costs and have the sheriff sell your property on the court house steps, you will simply sign a quit claim deed. You will sell the bank your property for $10. You will not have a foreclosure on your record. The bank will not have to pay a lawyer and court costs. You will have a tremendous loss on your property and not give the bank a gift so the IRS can not claim you gave the bank a valuable piece of property. You move out without having the cops throw your property out on the street.
Wiki User
∙ 14y ago
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How do I foreclose on a house that I personally hold the mortgage on Can I download the forms from the internet Does anyone know a real estate attorney that doesn't cost an arm and a leg?
You can download foreclosure forms from the Internet. Once you complete the forms, they must be filed in Circuit Court. You might also consider a "Deed in Lieu," which can be used instead of foreclosure. This site explains the option and has the form http://kaktus.com/real-estate-forms/free-forms/deed-in-lieu-of-foreclosure.html
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.
Can you do Deed in lieu after foreclosure?
deed in lieu after foreclosure?
How do you get conveyance deed without landowner signature?
In order to transfer the ownership of real estate the owner must sign a deed. If the owner has died then the court appointed fiduciary can execute a deed if they have the right to sell real estate in the will or get a license to sell real estate from the court. After the estate has been settled the heirs can execute a deed.
What happens when the real estate does not want to fix the deed?
If there is a problem with the deed to a property usually the buyer/owner of the real estate will have title insurance that will clear up any deed issues. The real estate company or agent can do nothing about fixing a deed except to refer a client to a real estate attorney. Real estate agents are not attorneys (unless they do have a law degree and have passed the bar) and can get in serious trouble for offering legal advice to their principals.
What is a deed of assignment?
A deed of assignment transfers real estate from a debtor to a creditor.
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.
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.
Deed Transfers?
Deed transfers allow one party to transfer real estate to another party. Deeds are the legal documents used to prove ownership of real estate. When a seller gives the real estate to the buyer, he uses a deed transfer to legally complete the deal.
Why would a finance company charge off on a mortgage loan when they have the deed why and not foreclose on it instead?
There is a process called a Deed in Lieu, which is different than a foreclosure.
What does a New York State Real Estate Deed look like?
show me what deed like
How do you convey their interest?
Interest in real estate is conveyed by a deed.
