Deed in Lieu of Foreclosure
About Deed in Lieu of Foreclosure
When a homeowner can no longer afford to keep up with their mortgage and are facing foreclosure, you may have other options that will avoid the drastic consequences of a foreclosure on your credit history. A deed in lieu provides the borrower the opportunity to turn over the deed to the home back to the lender in exchange for being free and clear of the loan. Of course, you lose your home and any equity you might have put into it, but you can save yourself from further worry and stress from not being able to pay your obligations. This process can be somewhat complicated and should best be pursued with a foreclosure defense attorney in order to make sure all the proper paperwork is filled out. The lender must agree to the deed in lieu and correctly respond to the request for the deed in lieu. Failing to appropriately fill out the necessary legal documents could result in a negative impact to your credit or your home ending up in foreclosure. There are also possible tax consequences to this action which can be properly addressed by your attorney.
Handling Your Foreclosure Needs
If you are considering a deed in lieu in order to avoid a foreclosure, the attorneys at BK Law Group PC can assist you with the proper procedure to get your home transferred as quickly and painlessly as possible. Attorney Balser has been helping residents of the greater Attleboro and Providence areas for over 20 years and has the experience and dedication you need at a difficult time such as this. When facing foreclosure, let our office help you with other options that will work best for you. Contact our office for a free initial consultation.
There are other options to foreclosure, such as a deed in lieu. Find out more by contacting a Foreclosure Defense Attorney at BK Law Group PC to discuss your situation.