When is it time to apply for a replacement deed? Every homeowner knows that it’s vital to apply for a replacement deed every so often. Unfortunately, there are times when the property owner might be in dire jeopardy of foreclosure. For these homeowners, there’s no reason to fear. There are simple steps that can help avoid foreclosure and apply for a replacement deed quickly and easily.
When is it important to apply for a replacement deed? Whenever a property owner decides to sell the property, he must first apply for a replacement deed. This is essential because a homeowner who fails to apply for a replacement deed poll immediately after selling his property will automatically lose his right to obtain compensation from the mortgage lien holder. There are times when a homeowner might be facing foreclosure.
What is a mortgage lien? A mortgage lien is simply a lien on a property that exists in accordance with a mortgage. The mortgage lien exists because the client paid a certain amount of money as a down payment for the property. Unfortunately, many clients lose the opportunity to purchase the property at this point because they didn’t pay their fees on time or failed to submit the appropriate paperwork. These missing fees and late fees typically translate into a significantly higher mortgage payment for the client.
What are the steps involved to stop this situation from happening? There are actually several ways to deal with a mortgage lien and make sure you get the maximum amount of money from the owner. Most importantly, the mortgage company must inform you of your legal rights and responsibilities regarding your property. In addition, the lender must also permit you to apply for a replacement deed after the lien has been released.
How can this help me? In many cases, if you have a mortgage lien and have not obtained a replacement deed in a timely manner, the company or homeowner may be able to foreclose on the property. While this is not always the case, it is possible that you will be required to leave the property once it has been vacated in accordance with the terms of the original loan contract. During this process, you will have lost any opportunity to obtain additional financing.
How do I file an application form? An application form is typically available through the county clerk’s office where your property is located. It is usually available for download and should be completed on a standard paper and inkjet printer. It is advisable that you print out more than one copy so that you can give one to each person who signs the application form and provides you with the necessary proof of identification.
What are the requirements? The exact procedure for filling the application form will vary by state. However, most counties require the property owner to be at least eighteen years old and to own the property for six months or more. Furthermore, the property owner must be registered as a mortgage lien holder with the county.
Are there any advantages? Yes! The most obvious advantage to file a substitute deed poll with your local county clerk’s office is to ensure that you receive a replacement notice if you move. This ensures that the company will not foreclose on your home and that you do not lose any chance to save the house. If you decide to use a different company, it is possible that the original company will foreclose on your house if you fail to pay off your mortgage.