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Deed-in-Lieu of Foreclosure

What Is A Deed-in Lieu?

Deed-in-Lieu of Foreclosure is the homeowner's conveyance of his or her real estate property to the lender in order to satisfy its default and avoid or stop foreclosure.  Such negotiation must be voluntary and entered in good faith. 

Why Do A Deed-in-Lieu?

Defendants are generally relieved of any and all indebtedness to the bank even if the lender is only able to recover a lesser amount than was owed.  This is usually the last resort for both the homeowner and the lender, as the bank will want to make sure the Defendant has tried other loss mitigation options first but did not succeed.

Why Do You Need An Experienced Attorney To Help You With The Deed-in-Lieu?

Deed-in-lieu of foreclosure is a homeowner's voluntary conveyance of real property to the lender in order to avoid foreclosure. An attorney needs to assess the homeowner's situation and determine if it is truly the last resort.  The bottom line is that the banks do not want to foreclose.  It is an expensive, lengthy process that places the headache of re-selling the property on the bank.  With so many homes in foreclosure, the banks simply do not want the headache of having to re-sell the property (i.e. in the current economic environment this could also mean that the bank could be stuck with the property for an extended period of time).  The main advantage for the bank is that they can at least  avoid the lengthy and expensive foreclosure process.  The lender, however, will not agree to a deed-in-lieu unless the homeowner has tried all other loss mitigation options first, as it is truly not the only last resort for the homeowner, but is the last resort for the bank.

Call our firm today at 718-444-1115 and our experienced staff will provide the utmost attention to your case to deliver the best outcome for you!

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