Sometimes, a deed in lieu of foreclosure can be the best financial option to keep you from being foreclosed upon, while still making smart financial decisions. While you do sign the rights of your home to the bank, you can prevent any personal judgments or liens. A deed in lieu attorney can provide an honest assessment of your financial situation in order to determine whether or not a deed in lieu is your best financial decision.
There are many methods that these lawyers exhaust in order to prevent a foreclosure from happening. One of the most popular methods of avoiding a foreclosure is to go through the deed in lieu process. There are some cases where this is the best financial choice you can make.
- Understanding a Deed in Lieu
In some cases, an attorney will recommend a deed in lieu of foreclosure, which is one of the ways that you can avoid a foreclosure while you are behind on your finances. In the case of a deed in lieu, the borrower (homeowner) will sign the title of the home over to the bank, who will take ownership of the home. In return, the bank will release the mortgage lean and will not hold the borrowers responsible for all of the money due.
This can be a good way to prevent your financial problems from becoming too overwhelming, while giving yourself time to recoup the damages and get back on track.
During the deed in lieu process, you will be walked through everything you need to set this up as your best line of defense against a foreclosure. You can submit the correct paperwork to your mortgage servicer and help you get approved with the bank. You will then be advised on the proper way to sign your home’s title over to the bank. An attorney will work to establish the correct terms in an agreement with the bank, so that you aren’t left empty-handed.
- Covert & Covert Can Help You Negotiate
At Covert & Covert, we work hard to defend against your foreclosure risks. We want you to be able to keep your home and preserve the memories of the life you’ve made there. During the negotiation process, our Glen Ellyn deed in lieu attorney can help you fill out the deed in lieu application and decide which documentations to submit with your application. The bank does not always release its right to pursue you for a deficiency judgment if there is a deficiency in payments, but our lawyers can help negotiate these terms so that you aren’t left with a lien or a judgment on your finances. With our professional skills and resources, we will take all precautions to ensure that the bank does not put a personal judgment against you. Contact our Glen Ellyn deed in lieu attorney right away to get started.
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