Answers to the following Questions can be accessed by downloading a pdf file linked above:
Q 1. What is a deed in lieu of foreclosure?
Q 2. What are the advantages and disadvantages to the lender of taking a deed in lieu of foreclosure?
Q 3. What are the advantages and disadvantages to the borrower of giving a deed in lieu of foreclosure?
Q 4. Does giving a deed in lieu of foreclosure to a lender automatically cancel the note and deed of trust?
Q 5. Can a lender have a deed in lieu of foreclosure held by escrow at the time of making the loan to be transferred to the lender in the event of the borrower’s default?
Q 6. Can a borrower complete a deed in lieu of foreclosure and record it without the lender’s permission?
Q 7. Where can I obtain additional information about this and related subjects?
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® Member Legal Services 525 South Virgil Avenue Los Angeles, CA 90020
The information contained herein is believed accurate as of Aug. 5, 2008. It is intended to provide general answers to general questions and is not intended as a substitute for individual legal advice. Advice in specific situations may differ depending upon a wide variety of factors. Therefore, readers with specific legal questions should seek the advice of an attorney. Copyright© 2008, CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) Permission is granted to C.A.R. members to reprint this material in hardcopy or PDF format only for personal use or with individual clients. This material may not be used or reproduced for commercial purposes. Other reproduction or use is strictly prohibited without the express written permission of the C.A.R Legal Department. All rights reserved.