Welcome to Foreclosure Guide
Harris County Foreclosure Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Save Your Credit history opt for a Deed in Lieu of Foreclosure
from:Being faced with a foreclosure on your home is one of the most stressful situations in life. You are worried about losing your home and your investment, and you hate the thought of a foreclosure and the effects it will have on your credit rating and your future. In certain situations, and in certain states, there is an alternate to a foreclosure, which is called a deed in lieu of foreclosure.
In order to obtain a deed in lieu of foreclosure, both the financial lender and the homeowner must agree to sign over the title of the deed to the lender. In other words, the financial institution will now own the home in question. In return the original homeowner is relieved of paying back the debt still owed on the home. The homeowner in default have no more liabilities in regards to the said house, and by procuring this agreement with the lender, the deed in lieu of foreclosure will not affect the homeowner’s credit rating like a traditional foreclosure would. The agreement to go for the deed in lieu of foreclosure must be made at the start of the foreclosure process. The deed in lieu of foreclosure is an out of court settlement.
The bank or lending institution will most often opt for a deed in lieu of foreclosure when the debt is so great that the homeowner cannot pay it. It would not be worthwhile for them to seek a deficiency judgment, which is a court order to recoup part of the outstanding debt related to the foreclosure. They normally follow through with the actual foreclosure when the debt isn’t as much as the value of the property.
The advantages of a deed in lieu of foreclosure is an economic one for the lender, by settling out of court the lender will save money on court and attorney fees. The lender will also make sure that the deed in lieu of foreclosure will not make them responsible for any mortgage liens upon the property before proceeding with this action. In other words holding the title will be a separate entity from any liens (claims for payment from contractors etc.) upon the property. At this point the bank or other lending institution will be a be able to sell the property and recover their loses. The new owners of the property would be responsible for the liens if there are any pending.
The benefit to the original homeowner is that the record of foreclosure will not be recorded on their credit history.
Harris County Foreclosure News
Preventing foreclosure the focus of seminars - The Desert Sun
Preventing foreclosure the focus of seminars The Desert Sun While the foreclosure rate has improved in the desert and Inland Empire region as a whole — down 30 percent year over year in April to 7049 — Riverside County still had the highest rate in California. Many financially stressed homeowners in the ... |
Efforts to evict Woodland family from foreclosed home delayed for now - Daily Democrat
Efforts to evict Woodland family from foreclosed home delayed for now Daily Democrat Husband and wife Heriberto and Alma Ponce, plus their four children ages four to 17, were bracing for the worst Tuesday expecting sheriff's deputies to evict them from their Paradise Valley Drive home which had been foreclosed on by Wells Fargo last ... |
Foreclosure Rates Continue to Fall - San Diego Reader (blog)
Foreclosure Rates Continue to Fall San Diego Reader (blog) O'Toole further states that legislation pending in California championed by state Attorney General Kamala Harris could “bring foreclosure activity to a near halt.” New foreclosure filings in the state were down 23.68 percent to 17707 in April as ... |
Pass the California Homeowner Bill of Rights! - OB Rag
 OB Rag | Pass the California Homeowner Bill of Rights! OB Rag In response to the foreclosure crisis, CA Attorney General Kamala Harris and key state Assemblypersons and Senators have put the California Homeowner Bill of Rights (HBR) on the legislative agenda. The “Bill of Rights” is a package of bills to give ... |
Foreclosure victory deflated - Stockton Record
Foreclosure victory deflated Stockton Record Given that San Joaquin County for months was the nation's No. 1 foreclosure market, the calls should not have been unexpected. Callers wanted to know what the agreement with five of the nation's biggest mortgage lenders meant. |
Cobb jury debates stolen homes case - WSB Atlanta
Cobb jury debates stolen homes case WSB Atlanta A Cobb County jury convicted a man accused of taking over homes on the verge of foreclosure and renting them to unsuspecting tenants. Jurors found John Harris, the CEO of New Life Granted, guilty of 34 counts, including racketeering, burglary, theft, ... Man found guilty of stealing houses, duping tenants |
Petraeus, Harris address woes of military homeowners - abc7news.com
 abc7news.com | Petraeus, Harris address woes of military homeowners abc7news.com Travis Air Force Base is in the heart of Solano County where 1 in 12 homeowners faces foreclosure and military families are no exception. The signs are easy to see in neighborhoods there, showing just how hard the foreclosure crisis has hit men and ... Military members often scam victims |
Bill to help with foreclosed homes hit by vandals - KGET 17
Bill to help with foreclosed homes hit by vandals KGET 17 However, a new bill aims to prevent neighborhood blight and crimes associated with the foreclosure crisis. Many believe it is the aftermath of so many foreclosures. Currently, Kern County has the highest number in California with 35000 from 2008 to ... |