 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! |
