Welcome to An Informative Guide to Foreclosure
Buy Foreclosure Real Estate Money Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
from: All That You Want To Know About A Deed in lieu of foreclosure
It is important for commercial lending institutions in Indiana that hold mortgages which may become non-performing to be familiar with deed in lieu of foreclosure. It means knowing who the parties to deed in lieu of foreclosure are, which includes the mortgagor who in most cases is the borrower, and the mortgagee that in most instances is the lender. There must also be consent between these two parties, and if there are more than one lien holders, most lawyers would advise against having such a deed in lieu of foreclosure.
Purpose And Meaning
The next thing one will need to understand is the purpose and meaning of a deed in lieu of foreclosure, which is basically a document that gives the owner a title to the real estate. Such a deed is special because the mortgagor gives up his or her rights and interests in the real estate to the mortgagee for the consideration that includes complete release from liabilities as spelt out in the loan document. Often, such a release is the subject of a wholly separate settlement agreement.
There is also the question of timing of the deed in lieu of foreclosure that must also be considered, or in other words when does such a document become valid. It is most common for a lender to pursue such a deed in lieu of foreclosure when the chance of collecting a deficiency judgment is non-existent. And, it also needs to be considered what happens when the value of the property without a doubt exceeds that of the amount of debt. Thus, there would be no point in pursuing a money judgment if the lender is sure that liquidating the property would fetch more than the amount owed.
Both parties may also like to explore the deed in lieu of foreclosure very early in the event of a dispute rising, which could be as soon as the lender determines it is time to foreclose. This would therefore is the ideal time to execute the deed in lieu of foreclosure. In any case such documents are the product of out-of-court settlements and the process whereby it is secured is also non-judicial.
The reason why two parties would entertain the idea of making a deed in lieu of foreclosure is that the lender is able to get immediate possession of the real estate which can save him or her many months, and even years. And, it also saves a lot of money that would otherwise be spent on attorney’s fees. It is therefore the reasons of expediency as well as expense that motivate lenders into accepting a deed in lieu of foreclosure.
The lender must also take a few steps before entering a deed in lieu of foreclosure such as ascertaining whether the title to the property is clear and that the language contained is going to protect from the merger of the mortgagor’s fee simple title with that of the mortgagee’s lien interest.
Buy Foreclosure Real Estate Money Specific links
Buy Foreclosure Real Estate Money News
Video: Ask the Experts: Real Estate
MoneyWatch real estate blogger Ilyce Glink joins editors Jill Schlesinger and Jack Otter to answer questions about rental properties, mortgage rates and more.
Read more...Investigators: Fake real estate agent stole thousands from residents
State investigators said a man stole $250,000 from people who made down payments, hoping to buy new homes, but none of the homes were actually for sale. WFTV  found out Paul Vencatasawmy posed as a real estate agent, but was never licensed by the state. Paperwork indicated that he had victims in Orlando and throughout Central Florida. Florida Department of Law Enforcement agents claimed ...
Read more...Top Agents from Northern Virginia Real Estate Company Honored for Outstanding Performance
Agents Glenn Stakem and Dina Azzam of RE/MAX Select Properties, Inc., a Northern Virginia Real Estate Company, Join Exclusive Northern Virginia Realtors ClubAshburn, VA (PRWEB) May 22, 2012 Two experienced and award-winning agents with RE/MAX Select Properties, Inc., a Northern Virginia Real Estate Company, have been recognized for their outstanding performance in helping Virginia families buy ...
Read more...SEC Charges New Jersey Man In Real Estate Investment Scam
On May 17, 2012, the Securities and Exchange Commission charged a New Jersey man with operating a Po...
Read more...Questions pile up about Base Village
SNOWMASS VILLAGE — When Related Cos. announced May 1 that it had reached an agreement to buy its Base Village back from four European banks and settle ongoing litigation with those banks, executives at the private real estate company characteristically left many questions unanswered.
Read more...Hispanic Real Estate Leaders Call on Arizona Governor Brewer to Use Settlement Funds to Aid State's Ailing Housing ...
PHOENIX, May 9, 2012 /PRNewswire-USNewswire/ -- The National Association of Hispanic Real Estate Professionals, Arizona Chapter (NAHREP-AZ), a non-profit 501c6 trade association, is calling on Arizona Governor Jan Brewer to use 100 percent of the funds awarded from the mortgage servicing settlement from the five largest mortgage servicers to help the state's ailing housing market. Hispanic real ...
Read more...7 questions for your next real estate agent
After four years of sleepy sales during the traditionally busy spring and summer homebuying seasons, real estate experts are forecasting a pickup. Record home affordability combined with a stronger economy ...
Read more...