Deed in Lieu of Foreclosure – Foreclosure Options

Every year thousands of Americans lose their homes to the bank or mortgage company. To learn how to stop foreclosure proceedings it is best to contact a foreclosure lawyer. However, if you decide to take matters on your own without the help of foreclosure lawyers, you have two choices to stop a foreclosure: request for a Deed in Lieu of Foreclosure or file bankruptcy

Deed in Lieu of Foreclosure to Stop Foreclosure

In cases where an individual or family faces foreclosure, one alternative to stop foreclosure sale dates is the Deed in Lieu of Foreclosure. This process involves a homeowner willingly giving up the deed to their home in exchange for a release from the mortgage obligation. This can give the homeowner a clean slate to walk away from the property. However, a Deed in Lieu of foreclosure can only be used to stop the foreclosure sale date if the lender agrees. In many cases, the lender requires that the borrower have to try to sell the property for at least 90 days. Only then will a lender consider taking back the deed.

One disadvantage is the possibility that deficiency judgments will follow the deed transfer. This means that homeowners could be liable to pay back a certain amount of the mortgage before they can purchase a new home. In reality, this can be a serious drawback for homeowners and puts them in a position that could be more detrimental to their financial health then foreclosure itself.

Filing Bankruptcy to Stop Foreclosure

Another option to avoid foreclosure is to file for bankruptcy. Although filing for bankruptcy can be done without an attorney, it is a complicated process that involves filling out technical and detailed paperwork that may be very confusing. It is extremely helpful to have a bankruptcy lawyer file bankruptcy to maximize the benefits. Filing bankruptcy eliminates credit card debt and it is the most effective way to stop foreclosure sale date. If you think that you might want to file bankruptcy, a serious advantage is taking control of the foreclosure process and being able to stop the lender.

Don’t put your home in the hands of inexperienced foreclosure lawyer; let us help you with our stop foreclosure program. We can put you back on the fast track to financial freedom and help you get your debt free life back quickly! Call us today to set up an appointment with one of our highly experienced California foreclosure lawyers. We offer free consultations!

Deed in Lieu of Foreclosure – Foreclosure Options
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