In the event that you determine you are unable to continue paying your mortgage, and want to avoid the financial ramifications of a foreclosure, a deed in lieu process is possible. A deed in lieu of foreclosure is your claim to the bank that you would like to relinquish the deed to your property without going through the foreclosure process. Traditionally, this process is done to benefit the home owner from serious damage to their credit and to the benefit of the borrower, who likely wants to avoid the costly and lengthy process of foreclosure.
Because the process of deed in lieu can be complex, and there are some instances in which signing a deed to the borrower does not entirely absolve the individual of their mortgage payments, many turn to the help of an experienced attorney. Not only can this help to ensure that the process of signing over the deed is done properly, but with an attorney overseeing the process it can provide peace of mind to both you and the borrower, so that you know the mortgage loan has formally been dissolved. In the event that you are uncertain whether deed in lieu is right for you and your situation at this time, an attorney can also help you to determine if this is the right step for you to be taking.
Most of us don't have experience with deed in lieu of mortgages before they happen to us, so the process can be confusing and frightening. With the supervision and guided assistance of a experienced attorney you can be certain that you are going through the process properly and that you are helping to better your situation.
For more information regarding how Nishad Khan P.L. can assist with property acquisitions, contact us today!