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 giving a Deed-in-Lieu of foreclosure in Colorado. It confirms that the affiants, who are the debtors, have voluntarily conveyed their property to a mortgagee without any intention of retaining rights or acting under duress. The affidavit outlines the details of the deed, including the consideration received and asserts that it was not intended to favor any creditors.

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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.