Search results
Results from the WOW.Com Content Network
Now that you’ve paid back the loan, the lender needs to remove the lien. To do that, it’ll issue the deed of reconveyance. ... As part of this process, you’ll get a deed of reconveyance ...
A deed in lieu of foreclosure is a deed instrument in which a mortgagor (i.e. the borrower) conveys all interest in a real property to the mortgagee (i.e. the lender) to satisfy a loan that is in default and avoid foreclosure proceedings. The deed in lieu of foreclosure offers several advantages to both the borrower and the lender.
So, a deed in lieu of foreclosure is the legal process in which the title of a home (the deed) is transferred from the homeowner to their mortgage lender to prevent (in lieu of) foreclosure.
Using a "deed in lieu of foreclosure," or "strict foreclosure", the noteholder claims the title and possession of the property back in full satisfaction of a debt, usually on contract. In the proceeding simply known as foreclosure (or, perhaps, distinguished as "judicial foreclosure"), the lender must sue the defaulting borrower in state court.
In the United States, all claims of land ownership can be traced back to a land patent, first-title deed, or similar document regarding land previously owned by France, Spain, the United Kingdom, Mexico, the Kingdom of Hawaii, Russia, or Native Americans. Other terms for the certificate that grants such rights include "first-title deed" and ...
Acceptance of a deed in lieu is at the lender’s discretion. What is a short sale? A short sale happens when a home is sold for less than the mortgage balance with the lender’s approval.
The process of a title search begins with searching for and retrieving each physical document from the books which contain them. Every document is recorded by date in a special set of volumes called by various names such as Grantor-Grantee index , Land Records, or Deed Records, which may or may not be digitized or scanned into a searchable file ...
Good news for those working their way back to home ownership. In an effort to aid in the recovery of the housing market, Fannie Mae has changed its loan rules for homeowners that went through a ...