What is the reason of recording deed in lieu of foreclosure?

A deed in lieu of foreclosure is an option taken by a mortgagor?often a homeowner?usually as a means of avoiding foreclosure. It is a step that's usually taken only as a last resort, when the property owner has exhausted all other options, such as a loan modification or a short sale.

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Texas Deed in Lieu of Foreclosure

Plano Texas Deed in Lieu of Foreclosure

Name: Plano Texas Deed in Lieu of Foreclosure
Brand: US Legal Forms
Rating: 4.81 (437 reviews)

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Texas Court Samples - Real Estate - Foreclosures

State:

Texas

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Plano

Control #:

TX-JW-0114

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Deed in Lieu of Foreclosure

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inlieu of foreclosure is an arrangement where you voluntarily turn over ownership of your home to the lender to avoid the foreclosure process. inlieu of foreclosure may help you avoid being personally liable for any amount remaining on the mortgage.

A deed in lieu of foreclosure is an option taken by a mortgagor?often a homeowner?usually as a means of avoiding foreclosure. It is a step that's usually taken only as a last resort, when the property owner has exhausted all other options, such as a loan modification or a short sale.

In Texas, there are three ways in which a lienholder can foreclose on a property: Judicial Foreclosure. A judicial foreclosure requires the lienholder to file a civil lawsuit against the homeowner.Non-Judicial Foreclosure.Expedited Foreclosure.

If the lender is willing to accept a deed in lieu of foreclosure, you'll sign a legal document that transfers the legal title of your property to the lender. Then they'll issue a mortgage release, which shows you're no longer required to pay your mortgage debt.

Less damage to your credit: A deed in lieu agreement stays on your credit report for 4 years while a foreclosure sticks around for 7 years. Taking a deed in lieu agreement can allow you to buy a new home sooner than if you go through a foreclosure.

A deed in lieu of foreclosure (often shortened to deed in lieu) is one of many forms of deeds in Texas used to convey title to real property (see Deeds in Texas). A borrower gives a deed in lieu to avoid the foreclosure of its defaulted mortgage loan.

2. Notice of Sale Filed, Posted and Mailed ? Next, the law requires at least 21 days' written notice of the date on which the foreclosure sale (auction) is to take place. The 21 days begin from the date the notice is mailed, not the date you receive it.

The most common foreclosure process in Texas is non-judicial foreclosure, which means the lender can foreclose without going to court so long as the deed of trust contains a power of sale clause. Non-judicial foreclosure is most common with purchase money loans as well as rate-and-term refinances.

Drawbacks Of A Deed In Lieu Your credit will still take a hit: While a deed in lieu arrangement won't harm your credit as drastically as a foreclosure, you can still expect your score to drop. You also won't be able to easily get another mortgage if you have a deed in lieu on your credit report.

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.

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Plano Texas Deed in Lieu of Foreclosure

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