Dead in Lieu of Foreclosure
Deed in Lieu of Foreclosure
In recent difficult times, many Americans have experienced financial hardship and face foreclosure. There are numerous actions that can be taken once it has been decided or become apparent that repayments cannot be met. Some of these include filing for bankruptcy through either Chapter 7 liquidation or a Chapter 13 reorganization of debt to reduce or eradicate the liability associated with your home. If you have someone willing to make an offer on your home, a short sale is an option that may have benefits. You may also try to negotiate a deed in lieu of foreclosure.
A deed in lieu is essentially a transfer of the title and ownership of the property in exchange for the lender cancelling the mortgage. It is similar to a voluntary repossession. Although this sounds simple, it is often a complex process.
If you are facing foreclosure, you should consult with The Law Office of Nikki Farris. Our firm has extensive experience in helping families experiencing financial difficulty. As Butte County bankruptcy lawyers we can provide you with skilled legal representation to vigorously pursue the best outcome possible in your circumstances.
Understanding the Process of Deed in Lieu in Chico
As stated, getting a lender to agree to a deed in lieu is usually not a simple process. In most cases some factors must be present for a lender to consider a deed in lieu. These include, but are not limited to, the following:
- The borrower must have experienced a hardship such as a loss of employment or divorce
- The borrower must have exhausted other options and financial resources
- The property must be the lender's home. A deed in lieu will usually not be considered for investment properties.
There are many other requirements that will be made of the lender before a deed in lieu is granted. Although a complex process, this avenue may be suitable for some parties. If you are experiencing financial hardship and are facing foreclosure, our experienced legal team can help you to take steps toward getting back on your feet.
Contact a Butte County bankruptcy attorney to discuss how we can help you if you are experiencing financial hardship and are seeking a deed in lieu of foreclosure.
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