If you are interested in a deed in lieu of foreclosure arrangement, you must establish your eligibility with your mortgage lender. Different lenders may have different eligibility requirements, but in general, you may be eligible if:
– You are more than 31 days behind in your mortgage payments
– You are facing a hardship such as illness, divorce, or job loss
– You have unsuccessfully tried other options, such as mortgage modification, short sale, and debt consolidation.For many people, a deed in lieu of foreclosure may be an effective way to avoid the financial and emotional strains of foreclosure. To learn more, contact the lawyers of Klein Law Group at 561-367-5166.