Deed In Lieu
A deed in lieu is where you deed your property back to the lender to prevent a legal foreclosure and provides several advantages to homeowners and lenders. Through the deed in lieu process, we help homeowners negotiate deficiency waivers or deficiency reductions and to prevent a foreclosure judgment from branding their credit report.
Lenders benefit by avoiding the cost of a formal foreclosure proceeding and are able to take ownership of the property and ultimately sell the property. A lender will most often pursue a deed in lieu of foreclosure when the property has equity or when a homeowner lacks assets to make pursuing a deficiency judgment worthwhile.
The deed in lieu process can be complicated and lenders often frustrate the process by consistently losing documents and insisting on terms that are unfavorable to homeowners. To protect your rights and interests, contact the Law Office of Henry W. Hicks to assist you through the deed in lieu process.