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Save Your Credit history opt for a Deed in Lieu of Foreclosure
from:Being faced with a foreclosure on your home is one of the most stressful situations in life. You are worried about losing your home and your investment, and you hate the thought of a foreclosure and the effects it will have on your credit rating and your future. In certain situations, and in certain states, there is an alternate to a foreclosure, which is called a deed in lieu of foreclosure.
In order to obtain a deed in lieu of foreclosure, both the financial lender and the homeowner must agree to sign over the title of the deed to the lender. In other words, the financial institution will now own the home in question. In return the original homeowner is relieved of paying back the debt still owed on the home. The homeowner in default have no more liabilities in regards to the said house, and by procuring this agreement with the lender, the deed in lieu of foreclosure will not affect the homeowner’s credit rating like a traditional foreclosure would. The agreement to go for the deed in lieu of foreclosure must be made at the start of the foreclosure process. The deed in lieu of foreclosure is an out of court settlement.
The bank or lending institution will most often opt for a deed in lieu of foreclosure when the debt is so great that the homeowner cannot pay it. It would not be worthwhile for them to seek a deficiency judgment, which is a court order to recoup part of the outstanding debt related to the foreclosure. They normally follow through with the actual foreclosure when the debt isn’t as much as the value of the property.
The advantages of a deed in lieu of foreclosure is an economic one for the lender, by settling out of court the lender will save money on court and attorney fees. The lender will also make sure that the deed in lieu of foreclosure will not make them responsible for any mortgage liens upon the property before proceeding with this action. In other words holding the title will be a separate entity from any liens (claims for payment from contractors etc.) upon the property. At this point the bank or other lending institution will be a be able to sell the property and recover their loses. The new owners of the property would be responsible for the liens if there are any pending.
The benefit to the original homeowner is that the record of foreclosure will not be recorded on their credit history.
Foreclosure Signs News
Housing market shows early signs of healing - msnbc.com (blog)
 msnbc.com (blog) | Housing market shows early signs of healing msnbc.com (blog) A large overhang of homes in foreclosure or in danger of foreclosure are still sandbagging the market in many cities. Foreclosures and short sales (homes sold for less than what is owed on the owner's mortgage) comprised 28 percent of the April sales ... Home resales rise, boding well for economy |
US home sales up across the country, hopeful sign - BusinessWeek
 USA TODAY | US home sales up across the country, hopeful sign BusinessWeek The decrease in foreclosures helped boost the year-over-year median sales price in April. It rose to $177400, which is 10.1 percent higher from the same month last year. Rising home sales is the latest sign that the market could be starting to turn ... Home resales rise, boding well for economy |
US home sales up across the country, hopeful sign - Austin American-Statesman
 Austin American-Statesman | US home sales up across the country, hopeful sign Austin American-Statesman The decrease in foreclosures helped boost the year-over-year median sales price in April. It rose to $177400, which is 10.1 percent higher from the same month last year. The increase in home sales is the latest sign that the market could be starting to ... U.S. home sales up across the country, hopeful sign |
Tornado And Foreclosure Double Whammy For Minneapolis Homeowner - The UpTake
Tornado And Foreclosure Double Whammy For Minneapolis Homeowner The UpTake His image and name can be found on street signs and on the Gospel Temple Church on Marshall and Grotto. She is a retired social worker who helped many troubled youth in the Northside Neighborhood. She is proud of her work and community. |
Kitzhaber signs bycatch salmon bill - KTVL
 KTVL | Kitzhaber signs bycatch salmon bill KTVL Sec. of State Kate Brown wins Democratic primary Ore. anti-foreclosure program off to slow start Oregon's gas prices are higher than the national average. What do you blame for the high gas prices? NEW YORK (AP) -- Forget Facebook. |