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.
Free Initial Consultations
There's no need to pay for a simple conversation! We provide immediate, 100% complimentary consultations to those who are interested in filing with us.
50+ Years of Combined Bankruptcy Law Experience
Our attorneys are experienced and knowledgeable in the field of bankruptcy law. Trust a seasoned bankruptcy attorney to handle your case.
Convenient Office Locations in Southfield & Detroit
We have locations in both Southfield and Detroit for those who want to minimize their commute to visit their nearest office.
Assisted 12,000+ Consumers with Their Debt
Debt affects everyone, rich or poor. We have helped thousands of clients through difficult financial times and we plan on helping thousands more.
Detroit Bankruptcy Blog
Stay updated with recent firm news and legal updates in our bankruptcy blog.Read More
Have questions about filing for bankruptcy? Check out our frequently asked questions for more information.Learn More
Why Hire a Bankruptcy Attorney?
Navigating bankruptcy can be confusing. Learn how hiring an attorney can help!Learn More