Foreclosure

            
             If you have exhausted all of your options (loan modification, short sale, refinance) and have no chance of keeping or selling the property, you can still avoid the expense, liability and trauma of a foreclosure by executing a deed in lieu of foreclosure.

 

            Your bank does not want to own your home.  Your bank does not want to maintain the property, pay property taxes on the property, or worse yet, have to proceed with an eviction.

 

A deed in lieu simply means that you will deed (“transfer ownership”) of the property to the lender in lieu of (“instead of “) a foreclosure.  The main advantage to you as a homeowner would be that the lender marks the borrower's note as "paid" and cancels your debt entirely, whether or not the property fetches enough to cover your debt when the lender sells it.  That is, the lender waives their right to a deficiency judgment (to collect any more money from you on your loan obligation)

            A mark as “paid” or as a “deed executed in lieu of foreclosure” on your credit profile is often far less damaging than an actual foreclosure.  Minimizing your damage and preserving your credit for your future as you move on is our commitment to you.  Our firm has helped homeowners hand properties to the lender and avoid liability for the balance owed on their loan.  Let us help you too!

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