Deed in Lieu Foreclosure
Saint Peters Foreclosure Attorney
Deed in lieu foreclosure allows a debtor to transfer all interest in a real property (such as a house) to the lender. Deed in lieu foreclosure allows the debtor to avoid an auction or public sale of the property and is especially helpful for debtors who want to avoid the foreclosure process. Additionally, this type of foreclosure can help the debtor rebuild his / her credit shortly after the transaction. Regular foreclosure does not always make this allowance.
"Is deed in lieu foreclosure right for me?"
You could be eligible for deed in lieu foreclosure if you are unable to meet your financial obligations.
- Medical expense, divorce, or another expense affected your income
- You cannot pay your mortgage or meet other financial responsibilities
- You do not qualify for a loan modification or other mortgage adjustment
- You unsuccessfully tried to sell your house
Qualifications for Deed in Lieu
A deed in lieu foreclosure requires "good faith" on both sides of the transaction; in other words, the lender and the debtor voluntarily enter the agreement. The settlement should include the full, fair market value of the property. If the debtor owes more than the settlement amount, the lender may not allow the deed in lieu transaction to continue. On the other hand, the lender may accept the deed in lieu settlement because foreclosure proceedings are very expensive.
Benefits of Deed in Lieu
Deed in lieu foreclosure allows the debtor and the lender to avoid costly foreclosure proceedings. Additionally, this type of transaction will have a less significant impact on the debtor's credit score after foreclosure.
Facing foreclosure in Saint Peters? Contact Adams Law Group.
If you are facing a foreclosure in Saint Peters, MO, the legal team at Adams Law Group can help. When you speak with our team, we can help you understand your options through foreclosure defense, deed in lieu, and
bankruptcy. Call our office today at (636) 397-4744 to schedule a consultation. The sooner we hear from you, the sooner we can help you. Call today!
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