Request Legal Mississippi Technology Forms For Free

A deed in lieu might make sense for you if: ? You're already behind on your mortgage payments or expect to fall behind in the near future. ? You're facing a long-term financial hardship. ? You're underwater on your mortgage (meaning that your loan balance is higher than the home's value).

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.

On top of adding the deed in lieu indicator to the mortgage trade line, a ?deficiency balance? for the unrecovered amount will appear as the outstanding loan balance. The consequences will be worse for your score than a $0 balance ? with a higher dollar amount leading to a lower score.

A deed in lieu is a mutual agreement between a homeowner and their lender, while in a foreclosure, the lender involuntarily takes back the property after an extended period of nonpayment by the homeowner.

A power of attorney (POA) document allows you to appoint a trusted person to serve as your agent or attorney in fact. This person manages your affairs if you become incapacitated and are unable to make decisions on your own.

Irrevocable power of attorney ? This is a power of attorney that the grantor cannot revoke. For a power of attorney to be irrevocable, specific language must be placed in the document clearly stating the grantor's intent.