I signed a deed in lieu of foreclosure with my mortgage servicer. Why is the deed still in my name?
There are many reasons that your mortgage holder may not have recorded the transfer of your deed. Title encumbrances, including a second mortgage, judgements or other liens often prevent a successful deed in lieu transaction for a mortgage servicer. If you signed a deed in lieu of foreclosure with your mortgage servicer and the deed has not been recorded many servicers encourage a short sale so all liens can be efficiently disposed of. In most of these instances a short sale offers both a financial incentive and debt relief for both the homeowner and mortgage servicer This benefits both parties. Contact your local Homeowner Advocate to find out how a short sale how be beneficial to you even if you signed a deed in lieu of foreclosure with your mortgage servicer.
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