If bank agrees how long does it take for deed in leiu of foreclosure to take?
Question:
Answer:
It can literally be done in a day, assuming all necessary title work and the like has been done. And usually in a foreclosure it has been. It takes about five minutes to prepare the deed. Of course, the bank is going to have all kinds of other documentation for you to sign, so it may take a week or two the way they do things.
There are ways to legally keep your house and make the bank have to work with you. I would check into that before I deeded the house away.
The lawyer below is an expert at this.
If they accept the deed in lieu of foreclosure, then it shouldn't take longer than a few weeks to a month to have it all go through. Don't just rely on them to move the process along, though, because they won't do anything without your constant input.
Make sure they have all the necessary paperwork and find out who's assigned to the file and ask if there's anything else they need and when it's expected to be done. And then call back the next day or in a few days and ask again. But don't give the bank any opportunity to turn you down at the last second and then sell your home at a sheriff sale.
Take notes of when you call, record the calls if it's legal in your state to do so, and make sure that you have all of your bases covered. That will ensure that the process moves ahead smoothly on your end, and gives the bank no reason to force the foreclosure at the last second.
Good luck,
ForeclosureFish
http://www.foreclosurefish.com/...
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