Deed in Lieu....

[OhioFiler]

what i meant when I said the banks dont want the title is because the real estate market is so slow that they'd rather have your name and liability on the house then their own... so if someone falls in the pool, they sue you not the mortgage company. Can I sign a deed in lieu and record it without the signature of the mortgage company?

Sorry, I thought you meant they foreclosed but didn't take the title.

[notadeadbeat]

From NOLO's website

Foreclosure: The forced sale of real estate to pay off a loan on which the owner of the property has defaulted.

deed in lieu (of foreclosure): A means of escaping an overly burdensome mortgage. If a homeowner can't make the mortgage payments and can't find a buyer for the house, many lenders will accept ownership of the property in place of the money owed on the mortgage. Even if the lender won't agree to accept the property, the homeowner can prepare a quitclaim deed that unilaterally transfers the homeowner's property rights to the lender.

So I CAN HAVE my lawyer do the papers for the Deed in Lieu (quit claim deed) since they won't work with me and basically say HERE have it back?

[bkmaggster]

So I CAN HAVE my lawyer do the papers for the Deed in Lieu (quit claim deed) since they won't work with me and basically say HERE have it back?

Yes, but the bank probably won't sign them.

[gowiththeflo]

so if the bank wont sign it doesnt transfer and its useless?

[bkmaggster]

so if the bank wont sign it doesnt transfer and its useless?

That's my understanding, yes.

[OhioFiler]

so if the bank wont sign it doesnt transfer and its useless?

Useless.