Deed in Lieu of Foreclosure
Successfully pursue an alternative to foreclosure!
For many people, the thought of going through foreclosure can be emotionally devastating. Not only is it a complex process, it can also be embarrassing to lose your home in such a public way. If you are experiencing similar circumstances, a deed in lieu of foreclosure may be the best option for you.
As with all legal matters, however, a deed in lieu isn't always as simple as it sounds. Because it involves negotiations with your lender and eligibility requirements, you would do well to retain an Atlanta foreclosure lawyer from our firm. We can help you understand the process and guide you toward a favorable resolution of your case.
How do I qualify for a deed in lieu?
A deed in lieu essentially allows you to pass off the ownership of your home to the lender and get your loan cancelled as a result. The lender then becomes responsible for selling your home. Because most lenders would rather have cash than a piece of real estate, a deed in lieu is easier said than done. To request one, you must submit a loss mitigation package which details your current financial state.
Eligibility for a deed in lieu is often based on the following:
- A financial hardship, such as a job loss or divorce
- An inability to modify your mortgage to make it affordable
- An ability to afford your mortgage payment
- Your house has been unsuccessfully on the market for at least 120 days
Unfortunately, you cannot qualify if you have multiple mortgages or liens on the property. But if you do qualify, you must sign a document transferring ownership of your home to the lender and an estoppel affidavit. The lender is then in charge of all future responsibilities related to your home.
Explore Your Options with an Atlanta Foreclosure Attorney
At Schuyler Elliot & Associates, Inc., we encourage our clients to never give up until every option has been exhausted. The same truth applies to foreclosure. You never know if you'll qualify for a deed in lieu until you apply and we are here to ensure each form is filled out correctly.
Our firm wants to see you succeed. Schedule your free consultation today for more than 20 years of legal experience applied directly to your case.