Deed In Lieu of Foreclosure
As more California homeowners are defaulting on their mortgage payments, foreclosures are piling up. Distinguished from a short sale, or filing for bankruptcy, a deed in lieu of foreclosure is yet another option at homeowners’ disposal in combating foreclosure proceedings. A deed in lieu of foreclosure is when the homeowner deeds their property over to the lender in exchange for release off all obligations under the mortgage. If you live in San Diego and are facing foreclosure, it is wise to contact experienced real estate law firms to assist in initiating a deed in lieu of foreclosure San Diego.
Usually, it is difficult to persuade a lender to accept a deed in lieu of foreclosure. However, because foreclosure proceedings are often lengthy, tedious, and expensive, some lenders are more open to the process. They will usually not engage in the process where the homeowner is actually able to make mortgage payments or hasn’t tried to sell his/her home on the open market. Furthermore, it is also difficult to qualify when the homeowner is in their 2nd or 3rd mortgage.
Real estate law firms can be immensely helpful in representing homeowners who wish to explore this option. In addition to negotiating on the homeowner’s behalf, attorneys can also help structure the agreement such that the homeowner will not be subject any further deficiency liabilities. Rancho Bernardo attorney Steven Brian Davis has been assisting homeowners through foreclosures for over 10 years. Whether you want to move forward with a short sale or a deed in lieu of foreclosure San Diego, Steven Brian Davis can help you every step of the way. Contact him here for a free case evaluation.
