Re: Deed-in-Lieu or Deed in the Loo?

Rick, Do not know that this way is preferable.

The release of mortgage extinguished the original note.

Only thing I can figure is that the final warranty deed holds the original owner to the fact that the title is free and clear and indemnifies and holds harmless.

Have no record but fairly certain title insurance was involved.

Originally when I did the chain of title I said "WOW!!" the lender is on the hook....and then decided I would post it here for comments.

Yep, title got changed with only minimal $$$ from anyone.

Not much happening on the MS Gulf Coast. Lots of "Katrina Houses" (Storm flooded and damaged) are still available for peanuts...but the $$$ to renovate do not make them very attractive.

It is absolutely amazing what 8 feet of water will do to a house.

BIG Problem here now is cleaning up all the Chinese Drywall houses....the sulphur in it literally eats the copper wiring. Evaporator coils in you AC Unit go VERY quickly.....AND...it stinks!