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Deed in Lieu of Foreclosure?

Discussion in 'BBS Hangout' started by firecat, Jun 27, 2008.

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  1. firecat

    firecat Contributing Member

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    We have been owner financing a trailer house and the buyers have not been making payments so we need them out so we can resell it.

    I heard that we can get them to sign a Deed in Lieu of Foreclosure so that we don't have to go through the formal foreclosure process.

    They have already agreed to sign it and I think that we can take care of everything amicably.

    Do I need a lawyer to go through this process or is there just some form that we can sign and have notarized?
     
    #1 firecat, Jun 27, 2008
  2. Pushkin

    Pushkin Member

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    Better use a lawyer. You do not want anything to go wrong with the wording or the filing. If something does go wrong, you want a lawyer with malpractice insurance. Sometimes it is better to pay a few hundred dollars to make sure things are done right and this is one of those occasions.
     
    #2 Pushkin, Jun 27, 2008
  3. Refman

    Refman Contributing Member

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    Use a lawyer. A lawyer that deals in this type of think routinely can make the process a lot easier.
     
    #3 Refman, Jun 27, 2008
  4. bejezuz

    bejezuz Contributing Member

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    I'm curious, how did you structure the transaction? Because how you proceed would depend if you have a note to foreclose on, or whether it was a installment land contract.

    Either way, there are legal implications of not doing things in a certain way, so best to hire an attorney.
     
    #4 bejezuz, Jun 27, 2008
  5. firecat

    firecat Contributing Member

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    Advice taken and appreciated. I will set it all up with a lawyer.

    Thanks again.
     
    #5 firecat, Jun 28, 2008
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