If you recently went into default, your mortgage holder may agree to a deed in lieu of foreclosure. In exchange for the deed, the lender would release you from the mortgage. With a hardship, you may even be free and clear within 90 days.
The Law Office of Clint W. Chase can negotiate an agreement that will minimize damage to your credit. A deed in lieu of foreclosure obligates you to give up claim to the property, but puts you back on the road to recovery.
The crux of any deed in lieu of foreclosure is the lender’s willingness to sign. They must be willing to forgive the deficiency balance, or the unpaid balance of a mortgage after the sale. If the mortgage holder agrees, your benefits should include:
A deed in lieu of foreclosure may not be appropriate for all properties. To be approved, your home will need to pass a close inspection. Excessive liens on the property will also complicate the process. And with the forgiveness of any deficiency balance, tax implications are likely.
If a deed in lieu fits your case, we can create an accurate financial package, help you craft a hardship letter and negotiate with your mortgage holder for terms that will satisfy both parties.
Our law office provides legal services to victims of foreclosure as well as loan modification relief to clients throughout Irving. We can help!