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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.
A deed in lieu of foreclosure allows you to avoid foreclosure by giving your lender the deed to your house. A deed in lieu can do less damage to your credit than a foreclosure but means you need ...
For example, in Ohio, a vehicle owner who wishes to sell a car that has an ELT must first have the lien released by paying the lienholder the remaining amount owed on the lien. The lienholder then releases their lien electronically which allows the customer to pick up the title directly from the Ohio BMV on the following business day. Some ...
Failure to give notice results in the lien remaining attached to the real property after the sale. Therefore, it is imperative the lender search local federal tax liens, so that if parties to the foreclosure have a federal tax lien filed against them, the proper notice to the IRS is given.
The deed of reconveyance releases the lien the mortgage lender placed on your property. You’ll need this document to prove a clear title when you sell your home.
All loans on a car with a lien must be paid off before the seller can transfer clear title to you to complete the transaction. Check Out: 6 Unusual Ways To Make Extra Money (That Actually Work)
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