Deed in lieu of foreclosure releases borrower from indebtedness to the lender. This is an agreement in which the lender agrees to accept the deed to the property, rather than foreclosing. If you are unable to afford your monthly mortgage payment and short sale is not an option, a deed in lieu agreement may offer the perfect solution. Integrity First Financial Services can help you determine the best solution to meet your specific circumstances.
Foreclosure is costly to the lender, making deed in lieu agreements mutually beneficial in many cases. You are released from the debt and the lender is able to avoid the costs involved with foreclosure. For the lender, foreclosure is a costly process and, since the end result is the same, deed in lieu allows the lender to take possession of the property without the legal hassle and expense of foreclosure.
In some cases, the lender will only agree to a deed in lieu of foreclosure agreement when the amount owed on the mortgage loan is equal to or grater than the value of the property. Increasingly, lenders are agreeing to accept the deed in lieu of foreclosure when the property is worth less than the balance of the loan. At Integrity First Financial Services, we negotiate with lenders to get an agreement that serves your best interests.
Please browse our website to learn more about deed in lieu of foreclosure and other foreclosure mitigation options. If you have any questions about the deed in lieu process or our services, please contact us. We are available by telephone or through our website to answer your questions and we offer a free consultation to evaluate your situation and make a recommendation.