Deed in Lieu of foreclosure

[Belinda Steinwachs-Dicus]

I posted a blog about 7 days regarding foreclosure vs deed in lieu when a borrower is in default. In my case the borrower has agreed to a deed in lieu of foreclosure. I was advised (and so gratefully appreciative of advice) by a Bigger Pockets blog member to make sure that the deed is free and clear of any liens. 

Since that blog the borrower has accepted a deed in lieu of foreclosure. Do I need to have a title search conducted or will the paper work drawn up by the attorney state that the deed must be a free and clear deed?

Thanking you all in advance for your answers.

Belinda 

[Wayne Brooks]

Yes you need to do a title search. A “guarantee” by a borrower with no money means nothing.