Posted by JT-IN on October 05, 2003 at 20:58:19:
Dave:
I have done several of these, and if the Grantor will sign a Warranty Deed, I would have them do so… In one case, the party was represented by legal counsel and counsel advised them only to sign a QCD… Understandable… You simply takle what you can get in these instances, and the warranty deed is superior to the QCD…
For the contractural terms of the DIL, I put together an Affidavit of Deed in Lieu of Foreclosure. It stipulated all the terms and conditions of the deal. I had my Atty review it first, then the other parties Atty next… wiht a matter of a few administrative changes, all were satisfied that it represented what we accomplishing. It is a mtter of give and take, and each party benefits by the ned result. All went off w/o a hitch…
I have read in the past read in the Fannie Mae guidelines re: DIL, but I was unable to relocate those guidelines for reference…
Just the way that I view things…
JT-IN