pre-approved short settlement program

[Marie Rhodes]

My loan in foreclosure was sold to a loan management group. I have been offered a settlement that is a fraction of my original loan but about 1/3 of what the property now appraises at. What form do I need to see before signing to be sure this is going to clear me of the total debt?

Will I then get my title?

[Wayne Brooks]

Have someone review it, that knows what they're looking at. Generally, these bulk buyers might offer to modify with a balance at, or slightly above/below current value, but not 1/3 of value. You don't "get your title back", because the bank doesn't have your "deed", it's recorded in the court house. Property doesn't have a paper "title" like a car, that's the recorded deed. Title is more like a concept, a clear history of past ownership and liens, etc. Your bank has a Mortgage on your property, for as long as you owe them money.