A California Deed in Lieu of Foreclosure is a legal document that allows a homeowner to transfer the title of their property to the lender in exchange for the cancellation of the mortgage debt. This option can provide a smoother exit from financial difficulties compared to traditional foreclosure proceedings. If you're considering this route, take the first step by filling out the form below.
In California, homeowners facing the daunting prospect of foreclosure may find a viable alternative in the Deed in Lieu of Foreclosure form. This legal document allows a homeowner to voluntarily transfer the title of their property back to the lender, effectively settling the mortgage obligation without the lengthy and often stressful foreclosure process. By choosing this route, homeowners can potentially avoid the negative impact of foreclosure on their credit scores, while also facilitating a smoother transition away from an unaffordable mortgage. The form outlines essential details such as the property description, the names of the parties involved, and any existing liens or encumbrances. Additionally, it may include terms regarding the condition of the property and any potential liabilities that may arise from the transfer. Understanding the implications and requirements of this form is crucial for homeowners seeking to protect their financial future and regain control over their circumstances.
California Deed in Lieu of Foreclosure Template
This document serves as a template for a Deed in Lieu of Foreclosure agreement, pursuant to the laws of the State of California.
THIS DEED is made this _____ day of ____________, 20__, by and between ______________________ (hereafter referred to as the "Borrower") whose address is ______________________, and ______________________ (hereafter referred to as the "Lender") whose address is ______________________.
WHEREAS, Borrower is currently in default under a certain mortgage or deed of trust dated ______________, 20__, recorded in Book _____, Page _____ of the Official Records of ______________ County, California, securing a principal loan amount of $______________; and
WHEREAS, to avoid the foreclosure process, and in full satisfaction of the aforementioned debt, Borrower wishes to convey to Lender all interest in the property located at ______________________, legally described as follows:
LEGAL DESCRIPTION: ______________________
THEREFORE, for valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Borrower does hereby grant, convey, and transfer to Lender the above described property, together with all rights, title, interest, and claim therein, by way of a Deed in Lieu of Foreclosure, subject to the following conditions:
IN WITNESS WHEREOF, the parties have executed this Deed in Lieu of Foreclosure on the date first above written.
______________________ Borrower Signature
______________________ Borrower Printed Name
______________________ Lender Signature
______________________ Lender Printed Name
STATE OF CALIFORNIA
County of ______________
On this _____ day of ____________, 20__, before me, ______________________, a Notary Public in and for said State, personally appeared ____________________, known to me (or satisfactorily proven) to be the person whose name is subscribed to the within instrument and acknowledged that they executed the same for the purposes therein contained.
IN WITNESS WHEREOF, I hereunto set my hand and official seal.
______________________ Notary Public
My commission expires: ______________
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