What is a Deed in Lieu of Foreclosure?
A Deed in Lieu of Foreclosure voluntarily transfers ownership of the home from the homeowner to the lender. Because banks are not obligated to forgive deficiencies, terms must be negotiated.
Why Vannova Legal
The banks have lawyers and it is ill–advised to enter into a Deed In Lieu of Foreclosure without legal counsel. If a Deed in Lieu of Foreclosure is your best foreclosure defense alternative, Vannova Legal will negotiate the most favorable terms on your behalf and advise you of unfavorable terms being demanded by the bank.
Benefits of a Deed in Lieu of Foreclosure
If the Deed In Lieu of Foreclosure is properly negotiated and the bank agrees to release the homeowner from any remaining obligations under the note, it may be mutually beneficial. The bank gets possession of the property without the expense and delay of bringing a foreclosure action while the homeowner prevents the credit ramifications of foreclosure, is released from any deficiency due under the note and gets a fresh start.
Deed in Lieu of Foreclosure Stops Foreclosure and Eliminates Debt