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What is a deed in lieu of foreclosure in Illinois?
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.
How long does a deed in lieu of foreclosure stay on your credit?
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.
How long after a deed in lieu can I buy a house?
Fannie Mae Loans (Without extenuating circumstances, the waiting period for a Fannie Mae loan is seven years after a foreclosure or four years after a deed in lieu.)
Can you buy a house after 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 are the disadvantages of a deed in lieu of foreclosure?
The primary disadvantage to the borrower is the loss of the property, the income from the property, and the borrowers investment in the property. The conveyance of the property is also taxable. A borrowers offer to convey mortgaged property back to the lender must be truly voluntary.
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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.
Related links
The New Illinois Mortgage Foreclosure Law and Installment
by V Grimm 1987 Cited by 1 Mortgages are defined by the Act as any consensual lien created by a written instrument which grants or retains P-i interest in real estate to secure a debt
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