This deed serves to transfer title of real estate from an owner/borrower back to the lender in lieu of a lender going through a foreclosure process. Typically used in friendly situations where a borrower has defaulted on a loan and the lender has agreed to take back the property in full satisfaction of the outstanding debt, it saves the parties the time and expense of a statutory foreclosure process. However, a lender must be wary in these situations, since by accepting a “Deed in Lieu” they are taking back the property subject to any liens or encumbrances which may have attached to the property during the borrower’s ownership. If there is any question as to the lien status of the property, a lender would be wise to conduct a formal foreclosure (which serves to wipe out any subordinate liens). However, if a “Deed In Lieu” is acceptable to the parties, you can obtain one by filling out the questionnaire below.
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The following questions should be answered in order for us to prepare correct and enforceable documents:
Property Address: Property City: Property State: Property Zip Code:
A property is legally described not by an address but the lot/block in a platted subdivision, or by "Metes and Bounds" in unplatted parcels. Property is indexed and recorded in the public records only by the legal description, so this information is usually important in all enforceable real estate documents.
Lot , Block , Addition to the City of , County, Texas.
If property is not in a lot/block subdivision, but surveyed by "METES and BOUNDS", please locate the metes and bounds description on the back of your existing deed and either fax it to us at 817.737.7201 or upload at the bottom of this questionnaire. If you are unable to locate the legal description, check the box below.
Unable to locate legal description
Date of Promissory Note:
Principal Amount of Promissory Note: $
Date of Warranty Deed:
County where Property located:
Name of Trustee:
Unpaid Principal Balance of Promissory Note: $
OPTIONAL: Upload files to help the TLD staff create your documents.