What is a Deed in Lieu?
When you are in danger of losing your house to foreclosure, you have some difficult decisions to make. For most people, the home mortgage is the largest single expense in the monthly budget, and relieving yourself of this burden could make it significantly easier for you to afford your other bills and debts. If you are determined to keep the house, we can help you with foreclosure defense strategies.
Declaring bankruptcy under Chapter 7 could free up your income by getting rid of many of your other debts, while Chapter 13 would allow you up to 60 months to get caught up on your mortgage. If you would rather let go of the house and move on in life, you should consider making a deed in lieu of foreclosure. The Law Offices of Marshall D. Schultz has more than 50 years of combined experience, and we can consult with you to determine whether this is your best option.
Banks and other home lenders will take action to foreclose on a mortgage when the borrower has missed several payments. The foreclosure process can be costly for the lender, as it involves a considerable amount of paperwork and legal action, in addition to the losses they sustain from having the house empty for months or years before they find a new buyer. Foreclosure can have an extremely negative effect on your credit score, as well as entangling you in a complicated legal proceeding.
Deed in Lieu of Foreclosure
A deed in lieu entails offering to let the bank have the deed to the house without the necessity of foreclosure. It has the same final result, but without the severe repercussions. You will be in a better position to seek a new home loan in the near future and you will not have to live through the stress and embarrassment of foreclosure. You must have the consent of the lender before you take this action, and a legal professional from our firm can represent you in negotiations. It is advisable to take action as early as possible to maximize your chances of success.
Contact our Detroit attorneys today for experience you can trust.
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