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tracy
Guest
0.10 Dollars($)
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 Posted: Sat May 17, 2008 9:03 am Post subject: When does Deed in Lieu become official? |
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After a several month process our lender (Countrywide) agreed to a deed in lieu on our property. The negotiator told us it was approved, and we received a warranty deed in the mail from a company called Trustee Corps. We signed and notarized the warranty deed, returned it as instructed and moved out of the house. Now (almost a month later) we receive a letter from our lender saying they canceled the deed in lieu. I called them and they are claiming they never got the paperwork back (and never bothered to check in with us about the status before canceling). This is very frustrating after all we went through to get this approved and following through on our end. I don't know what happened with their copies of the paperwork - I definitely mailed them - but I have a copy of the Warranty Deed saying we are released from all liability on the property and that the property is granted to them. Will this hold up legally? I do not want to go through the whole process again! We were so excited to move on with our life and now this happens. Any advice would be much appreciated.
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 cliff
Community Experts
Joined: 05 May 2008
Posts: 290
Location: Houston
64.95 Dollars($)
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| Posted: Sat May 17, 2008 3:11 pm Post subject: |
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Hi Tracy,
Well given the circumstances it would be good to consult and attorney. However, once you sign a warranty deed that means you have conveyed (i.e. given your interest in the property) the property to Countrywide. In addition, if you have a document from Countrywide that states that fact even better.
Was the warranty deed notarized?
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Cliff Pape
Market Analyst
www.home-buddies.com |
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tracy
Guest
0.10 Dollars($)
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| Posted: Sun May 18, 2008 6:55 pm Post subject: |
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Thanks, Cliff. We did have the warranty deed notarized. That is the only documents we received from Countrywide (actually they came from a company called Trustee Corps on behalf of Countrywide) regarding the Deed-in-Lieu. The warranty deed clearly states that we are conveying the property to Federal National Mortgage Association. and that we have full release of all liability and debts. Guess it looks like we may have to take this to an attorney... Wish we could avoid the legal fees and hassle - that was the the advantage of doing the deed-in-lieu in the first place. Very frustrating!
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larry
Joined: 27 Jun 2007
Posts: 3328
473.40 Dollars($)
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| Posted: Sun May 18, 2008 11:08 pm Post subject: |
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Hi Tracy,
Welcome to the forum.
How can you sign a Warranty deed when it is a mortgaged property? Have you consulted with the lender/the mortgage company before signing the deed? It may be case of Mortgage Fraud. So talk with the mortgage company and an attorney ASAP.
Are you still on the mortgage? I suggest you to check the County recorder's office and find out who is on the deed.
Fell free to ask if you have any further questions.
Best of luck,
Larry |
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