Queens Deed in Lieu Attorney
Deed in Lieu of Foreclosure
"In Lieu" simply means "instead of or in place of". A deed in lieu of foreclosure is where a homeowner signs over ownership of their home back to their lender, followed by a sale of the home by the lender. The advantage of this strategy of foreclosure defense is that it allows the borrower to quickly get out from under debt he has for the mortgage he can no longer make payments on. It still has a negative impact on the borrower's credit, but it is less damaging to a borrower's credit than a foreclosure or bankruptcy. As with a short sale, the lender almost always agrees to forgive the balance on the loan.
A deed in lieu is requested by the borrower to the lender in writing. An agreement is then made and signed by both the lender and the borrower. In the agreement, the lender agrees to not foreclose on the property, and will also forgive any deficiency on the loan. The deed then turns ownership of the home over to the lender. Your debt to the lender is then forgiven. The borrower receives paperwork stating so, and that the lender waives their right to request the remainder of the balance on the debt if the sale price is less than the balance on the loan when the property is sold. The deed in lieu process can be complicated; therefore a n attentive and experienced Queens bankruptcy attorney should be contacted to help walk you through the process.
Deed in Lieu Lawyer in Queens
The attorneys at Blutter & Blutter will aggressively and skillfully seek to help you avoid foreclosure and gain control over your financial situation with a deed in lieu if this is the option that is best suited to your needs. Before taking any action, it is very important that you understand all of your options and rights, and make an informed decision based on sound legal counsel.
Contact a Queens deed in lieu attorney for help from a seasoned profession who knows the laws regarding a deed in lieu.