A deed instead of foreclosure sometimes called a deed in lieu, is a legal instrument in writing that will transfer the interest in a home to the mortgage lender. The reason that someone might want to utilize this option is so that they can use the money to take care of their outstanding debt. It is one of the ways that you can avoid going through foreclosure. For many, having this type of foreclosure alternative is a good option. However, you will need to make sure that you are working with a quality deed in lieu attorney.
Who Should Consider a Deed in Lieu?
Determining whether you should use a deed in lieu is going to vary based on a host of different factors. Those who are feeling at their wit’s end and who are uncertain where they should turn because they do not have any other options for selling their home at fair market value, and who are unable to make payments, should consider the benefits.
What Are the Advantages?
There are advantages for both the borrower, as well as for the lender. When it comes to the borrower, it means that you can take care of your payments without worrying about foreclosure. In some cases, the borrower might be released from more or even all of their debt associated with the loan. It also lets them avoid the feelings of embarrassment that they might have if they were to have to go through with the foreclosure.
This option can also be a boon to lenders out there. It can help to reduce the time involved in the debt settlement process since foreclosures can often seem like they take forever. It could also help to reduce the costs of repossession of the home.
Work With the Best
If you find that you are in one of these types of situations, you are going to want to make sure that you are choosing those who are going to provide you with the knowledge and experience you need. Get in touch with Covert Legal in Winfield to find the deed in lieu attorneys who can explain your situation to you in plain language and who can help you from the start to the finish of your case. They can answer your questions and make the entire process much easier for you in a distressing time.