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A home foreclosure is a legal proceeding in which a bank or lender attempts to recover money from a home l… More
If a house goes into foreclosure, the idea is that the lender is trying to obtain ownership of the house. … More
If you're behind in your mortgage payments, there are things you can do to keep your home. To avoid the dr… More
When most people purchase their homes, they never envision having trouble keeping up with their mortgage p… More
Arrange a deed on a house in lieu of foreclosure by hiring a real estate lawyer to take care of all the de… More
Repossession is the act by which a lending institution takes ownership of the collateral with which a loan… More
Loss mitigation can work to prevent your mortgage servicer and bank from foreclosing on your home and thus… More
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Summary: Arrange a deed on a house in lieu of foreclosure by hiring a real estate lawyer to take care of all the details related to the title and insurance. Have a title insurance company insure the property and deed when dealing with a foreclosure using insight from a real estate broker in this free video on house financing.
Penny Smith has been in real estate for more than 14 years. She has a degree in architectural design and has received buyer and seller associate training, as well as CMA Training. She...read more
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"Hello, my name is Penny Smith, and I'm a real estate broker in North Carolina. How to arrange a deed in lieu of a foreclosure is the question today. A deed...there are many types of deeds, and when a house is foreclosed upon, that house cannot offer a general warranty deed, which is the most protected deed that you could get in North Carolina. But they would...but a mortgage company would give a quick claim deed, which means that the property is quick-claimed, so that no one could put claim to it. Nobody, such as lien holders or any second liens that someone may have attached to the property. A quick claim deed is just as safe when it is insured by a title company, and that is very important. I suggest that no matter what state you buy a house in, no matter what state that you use, you always have a title insurance company to insure your property and the deed to that property. That is how I would address a deed in a foreclosure is to make sure I had an attorney to take care of all the details. Thank you, and I hope you have a great day."
eHow Article: How to Arrange a Deed in Lieu of Foreclosure
Meet Mark P Cussen, CFP, CMFC eHow's Personal Finance Expert.
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