Deed in Lieu of Foreclosure

Scottsdale & Phoenix, Arizona: Deed in Lieu of Foreclosure Attorneys

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 its lender. A Deed in lieu of Foreclosure is 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 Attorneys at Law, P.C. can assist you negotiate the terms and minimize your ongoing obligations to your lender so you obtain the results you are seeking. Please contact McCain & Bursh today or call us at 602-604-2138 to understand how the Firm may be able to assist you in a Deed in Lieu of Foreclosure. – Consultation Disclaimer*

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