Deed in Lieu
Deed in Lieu Attorney in Queens
Deed in Lieu – Explained
A deed in lieu of / instead of foreclosure is a form of foreclosure defense. If you cannot make your mortgage payments, you can turn over your home to the lender, who will then sell the property and use that profit to cover your debt.
Advantages of Deed in Lieu
There are several upsides to a deed in lieu of foreclosure. You can avoid the long and tedious process of a foreclosure proceeding and quickly get out of mortgage debt without falling even farther behind on payments. Deed in lieu is also beneficial because it can hurt your credit far less than a foreclosure would.
How to Request a Deed in Lieu
If you decide to request a deed in lieu, your next step is to ask for one from your lender in writing. This is often called a “deed in lieu hardship letter”. If your lender consents to go ahead with the process, they will agree not to foreclose on your home. Ownership of your house is then turned over to the lender, who will forgive your debt and release you from your mortgage loan. They are now responsible for selling your house, and they typically agree to forgive the remainder of your debt if your home sells for less than you owe. Deed in lieu can be a complicated process; it involves a great deal of documentation and communications with your lender. A Queens bankruptcy attorney will be able to help you if you are considering a deed in lieu.
Queens Bankruptcy – Deed in Lieu Lawyer
The knowledgeable staff at the Law Offices of Bruce Feinstein, Esq. can work with you to find out if a deed in lieu is an appropriate step for you. They have years of experience with foreclosure defense, and they can help you move on with your life if you are stuck with a home mortgage loan you cannot pay. Bruce Feinstein, Esq. is dedicated to helping you achieve the best possible outcome when you are faced with financial difficulty.
