Deed in Lieu of Foreclosure

When a person is in danger of losing a home to foreclosure, he or she may not know where to turn. In this dire situation, the homeowner is often presented with few options. A deed in lieu of foreclosure is the process by which a homeowner signs over the rights to his or her property to the lender in an attempt to satisfy the debt on the home. This may help the homeowner avoid foreclosure on the home and may help him or her reach more reasonable terms than would have been reached otherwise.

Potential Advantages

The decision to arrange for a deed in lieu of foreclosure is difficult, but may be accompanied with some advantages over your other options, including:

• Avoiding hassles and credit consequences that accompany a foreclosure
• Protecting your current and future credit score
• Avoiding the difficulty of attempting to sell your home
• Allowing you the resources to concentrate on rebuilding your finances

Your bank is probably not interested in owning your home, and therefore it may be difficult to convince your bank to agree to accept a deed in lieu of foreclosure. Especially if other parties hold a lien on your house, the process can become quite complicated. Fortunately, a Maryland deed in lieu of foreclosure attorney can help you with each step.

Contact Us

The thought of losing a home is heartbreaking, but depending on the circumstances of your situation, it may be the best choice for your family. To learn more about the other options that may be available to you, contact the Maryland mortgage modification lawyers of Chaifetz & Coyle, P.C. at 443-546-4608.