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Utah Deed in Lieu of Foreclosure

Deed In Lieu Of Foreclosure Forms

Name: Utah Deed in Lieu of Foreclosure
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.85 (462 reviews)

Category:

Utah Real Estate - Deeds - Foreclosures

State:

Utah

Control #:

UT-LR058T

Format:

Instant download

Description

This form is used as a method for a lienholder of property to avoid a lengthy and expensive foreclosure process. With a deed in lieu of foreclosure, a foreclosing lienholder agrees to have the ownership interest transferred to the bank/lienholder as payment in full. The debtor simply deeds the property to the bank as a substitute for foreclosure.

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FAQ

The deed in lieu of foreclosure offers several advantages to both the borrower and the lender. The principal advantage to the borrower is that it immediately releases him/her from most or all of the personal indebtedness associated with the defaulted loan.

C. The purchaser must pay off both the mortgage and junior lienholders after the sale. What is a major disadvantage to lenders of accepting a deed in lieu of foreclosure?The lender gains rights to private mortgage insurance.

If your lender agrees to a short sale or to accept a deed in lieu of foreclosure, you might owe federal income tax on any forgiven deficiency. The IRS learns of the deficiency when the lender sends it a Form 1099-C, which reports the forgiven debt as income to you.

A deed in lieu of foreclosure is different from a short sale because it transfers the property to the lender instead of selling it to a new buyer.Similar to a short sale, a deed in lieu of foreclosure likely will not damage your credit as severely as a foreclosure or a bankruptcy.

The impact that a deed in lieu has on your score depends primarily on your credit history.According to FICO, if you start with a score of around 780, a deed in lieu (without a deficiency balance) shaves 105 to 125 points off your score; but if you start with a score of 680, you'll lose 50 to 70 points.

A deed in lieu can eliminate your deficiency if you owe more on your home than the home is worth. In exchange for giving the lender your deed voluntarily and keeping the home in good condition, your lender may agree to forgive your deficiency or greatly reduce it.

Both short sales and deeds in lieu can help homeowners avoid foreclosure.One benefit to these options is that that you won't have a foreclosure on your credit history. But your credit score will still take a major hit. A short sale or deed in lieu is almost as bad as a foreclosure when it comes to credit scores.

Deed In Lieu Of Foreclosure Forms

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FAQ

Who benefits from a deed in lieu of foreclosure?

What is a major disadvantage to lenders of accepting a deed in lieu of foreclosure?

Will I owe money after a deed in lieu of foreclosure?

Which is better short sale or deed in lieu of foreclosure?

How will a deed in lieu affect me?

Is it better to do a deed in lieu of foreclosure?

Is a deed in lieu of foreclosure a good option?

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