Estoppel Affidavit by Individuals giving Deed-in-Lieu of foreclosure - Colorado 2025

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The document is an Estoppel Affidavit executed by individuals providing a Deed-in-Lieu of foreclosure in Colorado. It confirms the voluntary transfer of property ownership to a mortgagee, stating that the deed is an absolute conveyance and not a security interest. The affiants affirm they acted without coercion, received fair consideration for the property, and that the deed does not preferentially affect other creditors. The affidavit serves to protect the grantee and any future parties dealing with the property.

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Click ‘Get Form’ to open it in the editor.
Begin by entering the names of the affiants in the designated field. This identifies who is making the affidavit.
Fill in the names of the debtors and the mortgagee, along with the date of the deed and a legal description of the property being conveyed.
Confirm that this deed is an absolute conveyance by checking that it is not intended as a deed of trust or mortgage.
Indicate that possession has been surrendered to the mortgagee, ensuring clarity on ownership transfer.
State the consideration for the deed, including any payments made and debts canceled, providing transparency on financial transactions.
Affirm that no coercion was involved in signing this document, reinforcing voluntary action.
Complete any optional sections regarding title companies if applicable, ensuring all parties are informed.
Finally, have each affiant sign and print their name at the bottom before notarization to validate the affidavit.

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What is one disadvantage of a deed in lieu foreclosure?

Once the deed in lieu of foreclosure process is complete, you will face a waiting period before you can buy a house again. Each lender and loan type works differently, but for mortgages backed by Fannie Mae, the period lasts two to four years. For FHA loans, the waiting period is three years.

Can you buy a house after a deed in lieu of foreclosure?

If you had high credit scores to begin with, a deed in lieu will cause a bigger fall in your scores than if you started out with low scores. So, if youre one of the few borrowers who hasnt missed many payments or any payments before doing a deed in lieu, youll likely see your scores drop 100 points or more.

What is a major disadvantage to lenders of accepting a deed in lieu?

The major disadvantage to lenders of accepting a deed in lieu of foreclosure is that they take on the real estate subject to all junior liens, making them responsible for potential debts associated with the property. This risk is increased with subprime or NINJA loans where borrower scrutiny may not be as rigorous.

What is a deed in lieu of foreclosure Colorado?

Disadvantages of a Deed in Lieu of Foreclosure The most obvious disadvantage to you is the loss of your property, any income from the real estate, and your home investment. There are tax costs associated with the conveyance of property as well.

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