Name On Deed Not On Mortgage Foreclosure
You should not have to worry about the difference between your name on the deed and not on mortgage foreclosure when you sell your property. This is a common question among buyers who are just getting started in real estate investing and those who simply want to know what to do with their deed. There is really no right or wrong answers, it just depends on your circumstances. The first thing to consider is your current mortgage agreement. If the title to your property is not registered with the mortgage company, you will need to get a title search done to find out if you have a legal title to the property. It’s very likely that you do. In this case, you’ll just need to talk with the lender and decide whether they will accept your offer of a deed in lieu of foreclosure or not.
My Name Is On Deed Not On Mortgage Foreclosure So What happens
If your lender agrees to allow you to deed in lieu of foreclosure, they will issue you a deed and a set date to start the foreclosure process. They will then notify you that the foreclosure process has begun. During this period, you will still have ownership of the property but not the actual mortgage. You will, however, lose all of your rights to the property until the lease on the deed has expired or the mortgage is paid in full. At that point, you’ll be able to apply for a new mortgage and take out a title insurance policy.
A deed in lieu of foreclosure is a completely different process from a short sale. With a short sale, you sell the property on your own to pay off your mortgage. With a deed in lieu, you sign over the title of the property to the lender until you complete the deed in exchange for the deed. Your mortgage provider will send you a deed in the deed confirmation, which you need to sign and provide any necessary documentation as proof that the transaction has gone through.
Keep in mind that the lender is also the one who must follow through with the deed. If they fail to do so, then the lending institution can go after your property and obtain possession of it under the Title IV Mortgage program. This means that you could be facing foreclosure if you do not contact them with regards to the new ownership of the property. In order to avoid losing your home, it is important that you contact the lender as soon as possible with regards to the name change and that you provide them with all of the appropriate information regarding the sale of your mortgage.
Lenders are often hesitant to accept transfers of mortgages due to their past experiences with title problems. However, by carrying out a title transfer with the help of a good deed in lieu company, you can get the peace of mind that comes with not having to worry about your mortgage hanging over your head. By taking advantage of this option, you can avoid losing your home in the hands of a company that may not be as reputable as you expected. In order to protect your interests, make sure that you find a reputable title company that will help you with name changes in mortgage foreclosure. If you need foreclosure help call us today.