What if the Borrower (Trustor) wants to give me the property back in lieu of paying the loan?
That may be considered a “Deed in Lieu” and can be a solution where the Borrower transfers ownership of the property to you avoiding a foreclosure. Use extreme caution in this process; you may be accepting the property subject to encumbrances, liens or judgments. Legal counsel can advise and guide you through this process.
Related Questions
- What if a borrower wants something immediately after paying off a loan that has been filed electronically with MVD?
- What if a borrower owns a lot free and clear and wants to get cash back on the equity from the construction loan?
- What if the Borrower (Trustor) wants to give me the property back in lieu of paying the loan?
