Deed in Lieu of Foreclosure is when the homeowner transfers their property to the lender in exchange for further liability under the loan. Before a Deed in Lieu may be considered, the lender may ask for proof of hardship which explains why you must surrender your property and may also require that the property be listed for sale with a licensed realtor for a period of time. The Pujol Law Group which has handled thousands of real estate matters will guide you trough this process. At times a Deed in Lieu is more difficult to get approved than a short sale.
In some cases, where a loan modification cannot be obtained (where the borrower is either deemed to make too much or not enough money, or the homes value may not be sufficient for the banks underwriters) there may be options available to turn the deed over to the lender, thereby allowing the borrower to walk away from the property perhaps without further financial obligation. Whether or not the deed-in-lieu is accepted is up to the individual lender. Other lender-specific conditions may apply and tax consequences may need to be investigated with a CPA or tax attorney. Again, The Pujol Law Group can assist you with your options.
It’s important to keep in mind that there are options available for you throughout this process. For decades, The Pujol Law Group has helped countless clients through their time of need.
We understand that this process can get very complicated. The Pujol Law Group can assist you with your options, and protect your rights!
The Pujol Law Group can and will assist you along the way.
Call us NOW (305) 447-0059.