Texas Deed In Leu Of Foreclosure

My attorney is out on Vacation for another week and I need to get a house back from a buyer, anyone has a Deed in Leu of Foreclosure that they use in Texas?

Does it have to be a deed in lieu? What about warranty deed, or quit claim deed?

This would be the first time I foreclose on a house and I do not want issues when I resell the house.

So, why does it HAVE to be a deed in lieu of foreclosure? Won’t a quit claim or warranty deed do the same thing?

Perhaps this is a question for your attorney.

Isn’t deed in lieu of foreclosure a process of returning the property to the lender instead of forcing a foreclosure action? I didn’t think it was deed like a quit claim. I would think you just have the people move out and sign over the deed to you. Obviously, it can get complicated if there are other liens on the property. In any case, I would have a local attorney handle it.

Yeah I will wait it out and have my attorney draft the paperwork once he gets back from his vacation.

DIL has some advantages from what I have read, and would answer the questions related to the satisfaction (or lack there of) of the note where a WD or QCD would not.

What questions? Please tell us more.

I agree with BLL, the deed in lieu is simply a process to regain title to RE without going through a foreclosure action. The actual transfer of title will be accomplished with a warranty deed or quit claim deed.

Right, basically, the lender gets the deed back instead of foreclosing. I haven’t seen them do that very often here since we’ve had a pretty stable market. They’ll often do a short sale or just foreclose. Then again, it’s not like they’d announce a DILF. http://recenter.tamu.edu/tgrande/vol14-1/1806.html