Deed in Lieu of Foreclosure Lawyers in Westchester County
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Are you having trouble keeping up with your monthly mortgage payments? A deed in lieu may be an option to prevent the foreclosure of your home. It is important to get more information about this topic to determine whether it is the right option for your particular financial situation.
To discuss the matter, we recommend that you contact a lawyer at our firm. At Bronson Law Offices, P.C., we offer a free, confidential consultation to talk about how a deed in lieu of foreclosure may help you.
How a Deed in Lieu Can Prevent Foreclosure
A deed in lieu of foreclosure is a process that involves deeding your property to your mortgage lender in order to be released from liability for the entire loan balance you owe. The lender will then sell the property in order to recover as much of the unpaid balance as possible. This is a legal process and must be approached properly in order to ensure you are not held liable for the remaining balance of your mortgage.
There are two main documents involved:
- A document that outlines the terms and conditions of the deed in lieu, signed by the lender and borrower.
- A deed, which transfers legal ownership of the property to the lender.
After a successfully completed deed in lieu of foreclosure, the lender will mark your loan as "paid." The lender will then provide you with a document that states your debt is cancelled and another document that waves the lender's right to a deficiency judgment.
A deficiency judgment would enable a lender to seek the balance of the loan, and this needs to be avoided at all costs. Otherwise, you could be held liable for the difference if the lender is unable to recover the full balance of the loan!
Find out more about completing a deed in lieu of foreclosure in the Westchester County area. Contact an attorney at our law offices today!
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