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Conveyance of Deed to Lender in Lieu of Foreclosure

Philadelphia Pennsylvania Conveyance of Deed to Lender in Lieu of Foreclosure

Name: Philadelphia Pennsylvania Conveyance of Deed to Lender in Lieu of Foreclosure
Brand: US Legal Forms
Rating: 4.72 (211 reviews)

Category:

Real Estate - Deeds - Conveyances

State:

Multi-State

County:

Philadelphia

Control #:

US-02617BG

Format:

Instant download

Description

A deed in lieu of foreclosure is an agreement reached between a homeowner and a lender in which the homeowner turns over the deed to the home, and the lender agrees to halt foreclosure proceedings. Negotiating a deed in lieu of foreclosure agreement is a way to avoid foreclosure. As a general rule, in a deed in lieu of foreclosure settlement, the homeowner signs away the deed, giving the home to the lender, and the lender writes off the homeowner's debt, essentially canceling the mortgage.

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FAQ

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 were to go through a foreclosure.

After determining that your home has become a bad financial investment, you might decide to simply stop making mortgage payments walk away and default. Eventually, the lender will foreclose on your home.

After a deed-in-lieu of foreclosure, your credit score may drop by a range of 50 to 125 points, depending on where it stood before the deed-in-lieu, according to FICO data. The impact isn't as severe as a foreclosure filing, though, which may drop your credit score by as much as 160 points.

What is the primary reason why lenders avoid foreclosures, if possible? Lenders wish to avoid foreclosure because it results in the bank owning the asset.

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.

What is a major disadvantage to lenders of accepting a deed in lieu of foreclosure? The lender takes the real estate subject to all junior liens.

(6) Transfers between certain family members: (i) A transfer between any of the following: (A) Husband and wife. (B) A lineal ascendent-parent, grandparent, great grandparent and the like-and lineal descendent-child, grandchild, great grandchild and the like. (C) Children of the same parent-siblings.

Transfer of property in relation to Property Settlement Agreement or Divorce Decree. deeds@phillydeeds.com. e090 Phone: (215) 989-4530. e103 Fax: (215) 701-9186.

One downside to a deed in lieu is that you may face taxes on the amount of your forgiven debt, which the IRS considers income. The taxable amount is the total debt at the time it was forgiven minus the fair market value of the home at that time.

To add, remove, or change a name on a deed, have a lawyer, title company, or other real estate professional prepare the deed. Then, record the new deed with the Department of Records. Note: We recommend that you do not prepare a deed on your own. We also recommend that you get title insurance.

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They can't sell the property or take out a home equity loan. Acceptance of deed in lieu of foreclosure.The beneficiary may credit bid up to full amount due under the loan documents. Payment is due at the time of sale. Payoff of first mortgage loan. 103. Settlement charges to borrower (line 1400). 403. 108. Assessments. 408. Assessments. 205. 505. Think of title searches on a house like an employer's background check on a job applicant," one expert says. A loan must be closed in a location that is convenient for the borrower. This should be addressed in a marital settlement agreement. Legal document preparation websites may claim to offer free fill-in-the-blank template deeds or quick deed creation.

Philadelphia Pennsylvania Conveyance of Deed to Lender in Lieu of Foreclosure

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Interesting Questions

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What happens to the outstanding loan balance after the conveyance of deed to lender?

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