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Is A Deed In Lieu Of Foreclosure Right For You?

What is a deed in lieu of foreclosure? A deed in lieu of foreclosure is basically when you sell the house back to the person that owns the mortgage; it’s an alternative to them foreclosing on the house. One of the things about a deed in lieu of foreclosure is that it is a fairly complicated process with the lender. THere’s a lot of paperwork shuffling back and forth and staying on top of the lender to keep the transaction moving along. In a lot of cases I find that when someone is looking into a deed in lieu of foreclosure they find all the hoops they have to jump through and they ultimately just walk away from the property and let the bank foreclose on the home. There are all kinds of reasons for not doing this, such as your HOA dues coming back to haunt you, your insurance company cancelling your homeowners insurance and someone gets hurt on your property. It’s simply not a good idea to do this.

If you’re looking at the deed in lieu of foreclosure process and have more questions or have decided to just walk away from your home, I’d like to ask you to at least give us a call because I’d love to talk to you about it with no obligation. We can see if the deed in lieu of foreclosure or just walking away from the home makes sense when compared to completing a short sale. One of the services my team offers don’t actually end up costing you anything because the lender pays our fees; we handle all of the short sale transaction for you. If you’re ready to move on from the property, walking away from it versus completing a short sale might not be in your best interest so please get in touch with us to discuss your options before you make your final decision.

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