Today's post is about when life doesn't work out as expected in owing a house. There are three types of deeds that can be used when a foreclosure is a possibility. The one type is a deed in lieu in Seattle. This type of deed is used by the owner to a lender that conveys the property back to the lender instead of a foreclosure. Questions about deeds in Seattle click here.
The owner voluntarily deeds the property back to the lender in exchange for release of their loan obligation. People that don't see any way to "save" their house will often use this type of deed. It benefits that owner because they are released from the obligation and the lender receives the house back with the expense of a foreclosure proceeding. The laws vary from state to state and their may be some tax considerations so please consult an attorney and tax professional when considering this type of deed.
Another type of deed is the Sherriff's deed. This is a deed that conveys title after a judicial foreclosure that is known as a sherriff's sale.
There is also a Trustee's deed. This is a deed issued by the trustee of the deed after a non-judicial foreclosure of a deed of trust.
If you find yourself facing some type of legal action with your house; spend the money to get good advice. Make sure you understand the implications: Will there be a tax liability? Will I be released from the obligation? What effect will it have on my credit? Are there any options that I could consider?
How about we talk about something positive to start the weekend. It is fair season and one of the largest fairs in the northwest is starting. for information about the Puyallup fair click here.
Joe LaVallie
The Integrity Team
Mortgage Banker
HomeStreet Bank
22001 66th Ave W
Mountlake Terrace WA 98043
NMLS ID#111363
joe.lavallie@homestreet.com
425-678-7604 Direct
1-800-761-7788 ext 7604
206-743-4722 Cell
Fax 206-512-1911
To Apply Online http://www.homestreet.com/jlavallie
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