A deed in lieu is a process which enables you to “hand over” the deed to your house to your mortgage lender and thus avoiding a foreclosure. This can benefit both you and the mortgage lender in these ways:
- It enables the lender to take possession of a property without going through a costly and sometimes messy foreclosure process.
- It can save you to avoid the embarassment from a public sale or foreclosure auction right on the front steps of your home.
- Since it is a shorter process than a foreclosure, you start rebuilding your credit sooner.
A deed in lieu may be appropriate for you if:
- You recently lost your job (or experienced reduced income), significant medical expenses or a costly divorce
- You cannot afford to pay your current mortgage payment
- You cannot get a loan modification for your current mortgage
- You were unsuccessful in selling your property at fair market value within a 90 day period
Call 480-755-8000 to speak with our Arizona debt relief attorney today for immediate help.