What is a “Deed in Lieu of Foreclosure”?

If a person is facing serious financial difficulties and is in danger of losing his or her home to foreclosure, he or she may choose to convey the interest in the property to the lender in order to satisfy the debt on the home. By signing over the rights to the property, the individual may be able to avoid foreclosure and receive more generous terms than he or she would under normal circumstances.

Actions like foreclosure and pursuing a deed in lieu of foreclosure may be last-resort steps that homeowners take. It may be wiser to pursue mortgage modification and other steps if you wish to save your home.

If you are having trouble making your monthly mortgage payments and are interested in mortgage modification, contact the Maryland mortgage modification lawyers of Chaifetz & Coyle, P.C. at 443-546-4608.

When Should I Consider Mortgage Modification?

It is important to make your monthly mortgage payments in a timely manner and avoid falling behind on such a serious debt. Although each individual's personal situation is different, people who are facing serious financial problems like loss of income, increased monthly expenses, job loss, divorce, or other issues may consider mortgage modification if they can no longer afford making their monthly payments.

If you are facing serious financial struggles and are afraid that you may lose your home, contact the Maryland mortgage modification attorneys of Chaifetz & Coyle, P.C. at 443-546-4608.

Will I Qualify For Mortgage Modification?

Typically, mortgage modification cases depend largely on the specifics of your financial situation. People may be able to modify their mortgages if they are a few months delinquent on payments, if the loan has been originated for a year or longer, and if they have a stable source of income with which to pay the modified mortgage terms.

To discuss the specifics of your mortgage modification case, contact the Maryland mortgage modification lawyers of Chaifetz & Coyle, P.C. at 443-546-4608.

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