Must I execute a warranty deed for a loan modification?
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Must I execute a warranty deed for a loan modification?
I was approved for an in-house modification on my mortgage. Upon receiving the legal docs, I noticed a warranty deed document as well. This doesn’t make sense. Doesn’t signing a warranty deed relinquish your ownership rights? Wouldn’t the objective of each process be the opposite of one another? Retaining home ownership through a modified loan. Yet giving away my rights to that ownership via a warranty deed?
Asked on June 23, 2012 under Real Estate Law, Iowa
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
You are very wise to have looked before you lept. Please take those documents to ana ttorney to review and then to possibly the State Attorney General's Office. This sounds like those scams where people were promised help in modification but they had to execute deeds and then the companies sold the property right from under them. Good luck.
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