If other options have been unsuccessful or if you are an owner that desires to avoid the stigma of an involuntary foreclosure, a deed in lieu of foreclosure may be the option for you. A Deed in Lieu of Foreclosure is a voluntary conveyance of a borrower's property to the lender. Deeds in lieu of foreclosure are typically given as full satisfaction of all debt owed to the lender, but not necessarily. To qualify for a deed in lieu of foreclosure, a lender will typically require:
- An economic or other recognized hardship
- A delinquency or demonstration of a difficulty in meeting your mortgage payments
- An attempt to short sale the property, usually for a minimum of 90 days
- Payment of all junior encumbrances and other monetary liens against the property such as taxes or homeowner's association fees
If you are interested in exploring a deed in lieu of foreclosure, McCain & Bursh, PLC can assist you negotiate the terms of the deed and minimize your ongoing obligations to your lender so that you obtain the results you are seeking. Please Contact Us today or call us at 602-281-6521 to understand how McCain & Bursh, PLC may be able to assist you in a deed in lieu of foreclosure.
