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Therefore, this compensation may impact how, where and in what order products appear within listing categories. Your appeal may be denied for a number of reasons, including:. If you receive approval, you will need to sign the title transfer with a notary, and you will be ready to move forward.
For some homeowners who are in serious financial trouble, choosing to give a house back to the bank to avoid foreclosure makes sense. However, this must be a proactive process, and you need to take measures before foreclosure starts. You also can only use this process in the right circumstances and as a last resort. There may be another option to rid yourself of a house you can no longer afford.
To make the most out of a pending foreclosure situation , consider selling it in a different way. Selling to HomeGo is a better option than foreclosure or a deed in lieu of foreclosure. Not only is it more profitable for you, but it also has no damaging impact on your credit history.
You can sell more quickly and with less hassle than the deed in lieu of foreclosure process. Reach out to HomeGo today to learn more about our fast, convenient home selling process. The information provided on this website does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this site are for general informational purposes only. HomeGo may utilize the services of an affiliated real estate brokerage to transact home purchases.
Any reference to a licensed real estate agent is meant to imply an agent representing HomeGo and its affiliates as a principal buyer. Any agents referenced do not represent you as a home seller. All homes are purchased in the name of an affiliated holding company designed to acquire properties and may not vest in the name of HomeGo.
Generally, properties are simultaneously resold as-is to a non-affiliated entity for a profit. Share on facebook. Share on twitter. Share on linkedin. Share on email. Deed in Lieu of Foreclosure? Pros of a Deed in Lieu of Foreclosure Why should you consider giving your house back to the mortgage company this way? Cons of Deed in Lieu of Foreclosure So with all of those pros, why would you not consider this route?
Factors to Consider When you try to give a house back to a mortgage company through deed in lieu of foreclosure, you must remember that they are not obligated to agree. Your appeal may be denied for a number of reasons, including: Agreeing is not profitable for them The home appraised for too little You have other loans, judgments, or encumbrances on the property Your purchase and sale agreement prohibits a deed in lieu of foreclosure If you receive approval, you will need to sign the title transfer with a notary, and you will be ready to move forward.
You may also like:. Still have questions? It may also send the lien release documents to you directly, allowing you to file the release with your local recorder. Until the lien release for your property is recorded and filed, the bank has an interest in the ownership of your property.
To minimize confusion with your property ownership, be sure that the lien release is recorded promptly. Once your mortgage has been paid and the lien release has been filed, two additional areas must be addressed. First, if you have been paying your property taxes through an escrow account, you should notify your local taxing authority so it can send your property tax bill to you.
This will prevent delays in receiving your tax bill.
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