Deed in Lieu of Foreclosure
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Deed in Lieu of Foreclosure
As a Seller, if you sold a property to a Buyer using Seller Finance and the Buyer cannot pay for the property, you may have a couple of options:
- Hire a lawyer to Foreclose your lien on the property
- Accept a Deed in Lieu of Foreclosure
The Buyer must agree to sign the Deed In Lieu of Foreclosure, and the Lender (Seller) must agree to accept the Deed.
Note: A deed in lieu of foreclosure can be used on seller financed or third party financed liens.
What is Deed in Lieu of Foreclosure
This Deed is a formal legal document used to surrender the property to the Lender or Seller. This deed transfers title of real property from the Buyer back to the Seller in lieu of going through a foreclosure process.
Good to know: Using this Deed is a relatively quick and cost-effective alternative to a Foreclosure. Also, using this deed to avoid foreclosure may keep a foreclosure off of Buyer’s credit history.
Deed in Lieu of Foreclosure in Texas
The Deed In Lieu of Foreclosure in Texas cancels the Buyer’s obligation to pay for the property by returning the property to the Seller. However, it does not cancel the lien securing the obligation.
Furthermore, this Deed does not cancel the lien in case the Seller needs to foreclose the lien to remove other liens on the property which may have been filed after the Buyer purchased the property.
Other liens may include the following:
- Federal Tax Liens
- Judgment Liens
- Mechanic’s Lien
- Home Equity Liens.
If the Buyer has other liens on the property which have been filed after your lien, these liens may be removed by a Foreclosure if necessary.
To get started with a Deed in Lieu of Foreclosure, please email us copy of the lien to be cancelled OR fill out the information below:
Learn more about Lien Releases here.
We will prepare a Deed In Lieu of Foreclosure for $300
Do you have questions? Call and speak directly with attorney Scott Steinbach at 972-960-1850.
At Texas Property Deeds, all documents are prepared by a Texas licensed attorney Board Certified by the Board of Legal Specialization in Residential Real Estate Law.
Texas Property Deeds is a service of The Steinbach Law Firm.
The Steinbach Law Firm prepares all documents for any real estate transaction in Texas.
Our service stands above the rest offering you:
Questions? Call Us!
Questions? Call Us!
Texas Property Deeds prepares documents for title transfers for any Texas real estate property.
Call attorney Scott Steinbach at 972-960-1850.
Email: SteinbachLaw@airmail.net