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Deed In Lieu of Foreclosure

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If you are a homeowner whose home is now worth less than the remaining loan and are having difficulty keeping up your payments on a variable interest loan you may face the very real possibility of defaulting and facing foreclosure.  While you are not alone, millions of homeowners across the nation have discovered there are a number of legal options a homeowner may be able to use to either save their home or get out from under their mortgage without still being indebted to the bank.  You should meet with Delaware bankruptcy attorney Peter Schaffer at Avenue Law and receive a free consultation to discuss your options.  One such option is called a “deed in lieu of foreclosure” which is an agreement with your lender to sign your home’s deed over to them in lieu of the remaining balance you owe on your mortgage.  Some people who have attempted getting a loan modification that was not approved may be able to do this.

The primary issue affecting a successful deed in lieu transaction is the current market value of your home.  In many states the house values are still very depressed but there are always exceptions and we will be able to help you establish the possibility of your lender approving your offer.  If your home still retains enough value or if the remaining balance of your loan is close enough to the current fair market price of your home the lender will ordinarily be agreeable.  We can represent your interests and file the documentation needed to make your offer to the bank and make sure your interests are protected.

Deed in Lieu Lawyer in Delaware

If your deed in lieu is accepted you will simply sign over your property and walk away with no further financial obligations. If, for any reason, your lender will not accept such an offer, we can then review the other options you have to prevent a foreclosure such as a short sale, bankruptcy or a loan modification. We are dedicated to helping people who are in trouble financially and need to know what their legal options are.

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Email us at office@avenuelaw.com