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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.
The seller could negotiate a higher interest rate. The seller could negotiate a higher selling price. The property could be sold "as is" so there will be no need for repairs. [5] The seller could choose which security documents (mortgage, deed of trust, land sales document, etc.) to best secure his/her interest until the loan is paid.
In real estate, clear title and clean title are used interchangeably to refer to a home title that is free of liens or other issues. Yes, it’s possible to buy a home without clear title, but it ...
For example, if a buyer pays a $2,000 down payment and borrows $8,000 for a $10,000 parcel of land, and pays off in installments another $4,000 of this loan (not including interest), the buyer has $6,000 of equity in the land (which is 60% of the equitable title), but the seller holds legal title to the land as recorded in documentation in a ...
Last, the legal title has been transferred by the courts to the banks. The entire foreclosure process in Alberta can take a year or longer. The original owners try to sell over the value to solve their financial problems. The courts favour the owners over the banks and so rarely sell under value. The banks have the money and so never sell under ...
Another option is to apply for a new, lower-cost loan and use the funds to pay off the title loan. You can use a personal loan for bad credit to refinance a title loan. Because they are unsecured ...
Also, prepare to provide the lender with a clear title, proof of insurance and a photo ID when applying for a car title loan. The lender may also want a set of keys. The lender may also want a set ...
Title insurance is a form of indemnity insurance, predominantly found in the United States and Canada, that insures against financial loss from defects in title to real property and from the invalidity or unenforceability of mortgage loans.