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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.
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 ...
First, the owner is behind in mortgage payments but still retains full control of the property. Then, the owner is still on title but has lost control of the property to the Court of Queens Bench of Alberta. 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.
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 ...
If the seller experiences unexpected financial losses, such as a job loss, making it financially difficult to move. If emotional ties to the house cause a change of heart.
For example, a lender advertising a home loan might have advertised the loan with a 5% interest rate, but then when one applies for the loan one is told that one must use the lender's affiliated title insurance company and pay $5,000 for the service, whereas the normal rate is $1,000. The title company would then have paid $4,000 to the lender.
A warranty deed is a type of deed where the grantor (seller) guarantees that they hold clear title to a piece of real estate and has a right to sell it to the grantee (buyer), in contrast to a quitclaim deed, where the seller does not guarantee that they hold title to a piece of real estate.
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 ...