Deed in Lieu of Foreclosure in Wayne County
If you are struggling to keep up with your mortgage payments, there are several methods of relief, including selling your property, pursuing a short sale, filing for bankruptcy, filing for
foreclosure or filing for a deed in lieu of foreclosure. The option of a deed in lieu does not necessarily cure everything right off the bat, but this is a method of relief that does not have too much of a damaging effect on your credit.
What is a Deed in Lieu of Foreclosure?
The way that a deed in lieu of foreclosure works is that a lender will agree to accept the title or deed to the property involved in exchange for a cancellation of the debt on the property.
Oftentimes, lenders will agree to a deed in lieu in order to avoid the time and expenses involved in pursuing foreclosure. The result of this process results in the lender holding the deed to the property and the debtor freed from the debt attached to the property. If you choose this method of relief, be aware that you will lose any equity in the property.
How to Pursue Deed in Lieu of Foreclosure in Wayne County
This process can be time consuming and overwhelming for those who are not familiar with the steps required. Team up with a deed in lieu lawyer from Bryant, Logan, Wheeler Law Group, PLC for help.
The key steps when pursuing a deed in lieu include:
- Draft the deed in lieu of foreclosure document with the help of a lawyer
- Sign legal documents
- One with the terms and conditions of the agreement
- One is the deed conveying the ownership of the property to the lender
- The lender will provide you with a document stating that your debt is canceled
- The lender will give you a document waiving the right to come after you for any debt that they do not receive when re-selling the property
There are many legal matters at play in this process and you need a qualified legal representative to make sure your rights are protected.
Contact our firm today to set up a free case evaluation and discuss the possibility of filing a deed in lieu of foreclosure.