Illinois Deed in Lieu of Foreclosure Template
This document serves as a template for arranging a Deed in Lieu of Foreclosure in accordance with the laws of the State of Illinois. By voluntarily transferring the property's deed to the lender, the borrower can avoid the foreclosure process. Both parties must agree to the terms laid out in this agreement. Please consult with a legal professional to ensure compliance with all relevant Illinois laws and to fully understand your rights and obligations under this agreement.
Property Information
- Property Address: ________________________________________________________________________
- Legal Description of Property: _____________________________________________________________
- Property Type: __________________________________________________________________________
Parties Involved
- Borrower's Full Name: ____________________________________________________________________
- Borrower's Address: _____________________________________________________________________
- Lender's Full Name: _____________________________________________________________________
- Lender's Address: _______________________________________________________________________
By signing below, the borrower voluntarily transfers all rights and interests in the property mentioned above to the lender. This action serves as full satisfaction of the debt owed by the borrower to the lender, thereby avoiding foreclosure proceedings.
It is understood that the lender accepts the property "as is," without any warranties, and that the transfer of the property does not in itself release the borrower from the mortgage obligation unless specifically stated in this or a separate agreement.
This agreement is governed by and shall be construed in accordance with the laws of the State of Illinois. Any disputes arising hereunder shall be subject to the exclusive jurisdiction of the state and federal courts located in Illinois.
Signatures
Each party acknowledges that they have read and understood the terms of this Deed in Lieu of Foreclosure and voluntarily agree to its terms.
Borrower's Signature: ______________________________________ Date: ________________________
Lender's Signature: ________________________________________ Date: ________________________
Witness or Notary Acknowledgment (if required by law)
This section should be completed by a witness or notary public to certify that the borrower and lender have voluntarily signed this agreement in their presence.
Signature of Witness/Notary: ___________________________________ Date: ____________________
Name of Witness/Notary: _________________________________________
Commission Expiration (if applicable): _____________________________