Deed in Lieu

FORECLOSURE LOSS MITIGATION – DEED IN LIEU OF FORECLOSURE

In some cases, where a loan modification cannot be obtained (usually where the borrower is deemed to make too much money or not make enough money) there may be options available to turn the deed over to the lender thereby allowing the borrower to walk away from the property.  Normally whether or not the deed is accepted is up to the lender.  The lender may may require the homeowner to list the property for 60-90 days (via a short sale) before they consider accepting the deed in lieu of pursuing foreclosure.  Other lender-specific conditions may apply and tax consequences may need to be investigated with a CPA or tax attorney.  FOR MORE INFORMATION AND TO SPEAK WITH A DEED IN LIEU OF FORECLOSURE ATTORNEY CALL US AT (877) 276-5084.