Article Map
Preview - Ohio Deed in Lieu of Foreclosure Form
Ohio Deed in Lieu of Foreclosure
This Deed in Lieu of Foreclosure is entered into this ___ day of __________, 20___, by and between:
- Grantor: _______________________________________________
- Address: _______________________________________________
- City, State, Zip: _______________________________________________
- Loan Number: _______________________________________________
and
- Grantee: _______________________________________________
- Address: _______________________________________________
- City, State, Zip: _______________________________________________
Whereas, the Grantor is the legal owner of the property described as:
_______________________________________________________________
_______________________________________________________________
Also known as: ________________________________________________________.
Now, therefore, the Grantor hereby conveys and transfers all right, title, and interest in the above-described property to the Grantee.
This transfer is made voluntarily to avoid foreclosure proceedings under Ohio law, pursuant to Ohio Revised Code Section 5301.01 and related statutes.
The Grantor acknowledges that this deed is executed with full knowledge of its legal effect, and further acknowledges that the Grantor is giving up ownership of the property.
This Deed in Lieu of Foreclosure shall be binding upon the parties and their respective heirs, successors, and assigns.
Signatures
In witness whereof, the parties hereto have executed this Deed in Lieu of Foreclosure on the day and year first above written:
_____________________________ _____________________________
Grantor Signature Grantee Signature
_____________________________ _____________________________
Printed Name Printed Name
_____________________________ _____________________________
Date Date
Witnesses:
- ______________________________ (Witness 1)
- ______________________________ (Witness 2)
State of Ohio
County of __________________________
Before me, a Notary Public in and for said County and State, personally appeared the above named Grantor and Grantee, who acknowledged the signing of this Deed in Lieu of Foreclosure to be their voluntary act and deed for the uses and purposes therein mentioned.
Given under my hand and official seal this ___ day of __________, 20___.
_____________________________
Notary Public
My Commission Expires: ____________________.
Create Other Common Deed in Lieu of Foreclosure Forms for Different States
Foreclosure Vs Deed in Lieu - This arrangement can be particularly beneficial in a declining real estate market, allowing borrowers to exit gracefully.
To ensure a smooth transaction when selling or purchasing a trailer, it is important to use the appropriate documentation, such as the Motor Vehicle Bill of Sale, which serves as an essential record to protect both parties involved in the sale.
Georgia Foreclosure Laws - This option allows homeowners to end their mortgage relationship by returning the property to the lender.
Foreclosure Deed - After the deed is transferred, homeowners can start fresh without the weight of an unresolved mortgage.
California Voluntary Foreclosure Deed - Once the Deed is executed, the lender becomes the new owner of the property.
Similar forms
Short Sale Agreement: Like a Deed in Lieu of Foreclosure, a short sale allows a homeowner to sell their property for less than the amount owed on the mortgage. Both options aim to avoid foreclosure and mitigate losses for the lender.
Loan Modification Agreement: This document alters the terms of an existing mortgage to make payments more manageable. It serves as an alternative to foreclosure, similar to a Deed in Lieu, by helping the borrower retain their home.
Forbearance Agreement: In this arrangement, the lender agrees to temporarily reduce or suspend mortgage payments. This can prevent foreclosure, akin to a Deed in Lieu, by providing the borrower with time to improve their financial situation.
Repayment Plan: A repayment plan outlines how a borrower can catch up on missed payments over time. Like a Deed in Lieu, it offers a solution to avoid foreclosure while keeping the property.
Quitclaim Deed: This document transfers ownership of property without warranties. It can be used in situations similar to a Deed in Lieu, where the borrower relinquishes their interest in the property to the lender.
- Motor Vehicle Bill of Sale: This document is essential for anyone buying or selling a vehicle, as it confirms the transaction and provides necessary details. For more information about these documents, check out Auto Bill of Sale Forms.
Mortgage Assumption Agreement: This allows a buyer to take over the existing mortgage from the seller. It can prevent foreclosure by facilitating a sale, similar to how a Deed in Lieu transfers property back to the lender.
Property Deed Transfer: This document transfers ownership from one party to another. In some cases, it can act like a Deed in Lieu by allowing the borrower to relinquish the property voluntarily.
Bankruptcy Filing: While not directly similar, filing for bankruptcy can halt foreclosure proceedings. It provides the borrower with a chance to reorganize debts, somewhat parallel to the intentions behind a Deed in Lieu.
Deed of Trust: This document secures a loan by placing the property in trust. It relates to a Deed in Lieu in that both involve the transfer of property rights to address mortgage obligations.
Loan Release Agreement: This document releases the borrower from their mortgage obligations. It can be similar to a Deed in Lieu, as both result in the borrower no longer being liable for the mortgage.