How To Stop A Property Foreclosure With A Deed In Lieu

If your property has fallen into foreclosure, then you need to act quickly to stop the foreclosure before your home sells at auction. After the sale, it’s usually too late to get it back. Even if there is a redemption period after the sale, it nearly impossible to get a loan once you’ve been through a foreclosure. It’s always best to stop the foreclosure as quickly as possible, even if it means selling your home and finding something more affordable.

If you are willing to keep your home at any cost, then you may want to consider a mortgage modification, but you’ll need to save as much money as possible, while lowering your monthly expenses and increasing your income.

If you are not able to keep your home, then you need to consider a deed in lieu of foreclosure. This will be better on your credit, than if you let the home be sold and lose the property to foreclosure. A deed in lieu, when done correctly can also save you from a deficiency judgment and many additional legal and bank fees.

A deed in lieu of foreclosure is when you legally give the home back to the bank. You give them the deed and they don’t foreclose. Contrary to what most people think, the bank is not required to offer, or even approve a deed in lieu of foreclosure. This is usually something that needs to be negotiated with your lender.

Because of so many properties currently in foreclosure, the banks will almost never allow you to do a deed in lieu on your own. You will need to hire a professional to help you with this type of foreclosure help. When you present a deed in lieu case, it needs to be done correctly the first time, or it will get turned down and you will lose that option for good.

Property foreclosures can be avoided with a short sale or deed in lieu of foreclosure.

Another option, if you can’t do a deed in lieu, is a short sale. A short sale is when the home is allowed to be sold for less than the full amount owed on the mortgage. There are many consequences when doing a short sale, so this is also something we don’t recommend doing on your own. You could end up with a deficiency judgment and severe tax penalties if it’s not done correctly.

With our free evaluation, we can provide you with more information about a deed in lieu and short sales, so don’t waste anymore time and get started right now. Use the form on the left to request your free foreclosure evaluation today.

Remember, for a deed in lieu or a short sale, it’s best to work with a professional who has experience successfully negotiating these deals in the past.