What is a Deed in Lieu of Foreclosure?
When you choose to pursue a deed in lieu of foreclosure, the deed to your home will be given back to the lender in order to avoid foreclosure. In order to qualify for this form of relief, you must meet your lending institution’s own eligibility criteria. In this agreement, you will surrender the title to your house to the mortgage company in exchange for the cancellation of the attached mortgage. At Klein Law Group, our seasoned and skilled legal team can help evaluate your situation and find the right solution. We have experience in deed in lieu of foreclosure, “forced deed” in lieu of foreclosure, and other approaches to foreclosure defense.
If your home is on the brink of foreclosure, it is important to understand your options. Contact Klein Law Group at 561-353-2800 to receive legal advice from a compassionate and dedicated attorney.
Who Qualifies for a Deed in Lieu of Foreclosure?
To determine if you can enter into a deed in lieu of foreclosure agreement, you’ll need to meet the eligibility criteria set by your mortgage lender. These criteria can vary among lenders.
In general, you may qualify if:
- You have fallen more than 31 days behind on your mortgage payments.
- You are experiencing a hardship, such as illness, divorce, or job loss.
- You have attempted other alternatives, including mortgage modification and debt consolidation, without success.
Foreclosure Attorney in Boca Raton
Are you in a tough spot facing foreclosure and not sure what to do? Working with an experienced foreclosure lawyer nearby can help you find a solution that’s in your best interests. While it might be too late to save your home, you can still take steps to reduce the serious financial impact of foreclosure.
For lots of folks, using a deed in lieu of foreclosure can be a helpful way to steer clear of the financial and emotional stresses of foreclosure. If you’re interested, reach out to Klein Law Group at 561-353-2800 to chat with an experienced foreclosure attorney.