When a homeowner chooses the option of a deed in lieu of foreclosure, he or she is voluntarily releasing the right to a property by executing a deed in the name of the lender. This option relieves the homeowner of the obligation to a property that he or she can no longer afford. When a loan modification or a forbearance plan is not possible, and bankruptcy will not help, a deed in lieu of foreclosure may be effective. A successful negotiation of a deed in lieu will relieve the homeowner of any financial obligation and recording of a foreclosure on his or her credit report.
At the Law Office of Ernest B. Fenton P.C., in Cook County, our attorneys are experienced at handling all forms of loss mitigation techniques, including deeds in lieu of foreclosure. We will negotiate with your lender and work to achieve the best possible result for your situation. If you have questions or concerns, or your property is already pending foreclosure, talk with us as soon as possible to get answers you deserve.
Loan Modification Options From Experienced Chicago Attorneys
The following requirements need to be made in order to qualify for a deed in lieu:
- You are delinquent on your mortgage.
- You have made an effort to sell the property.
- You do not have any second mortgage debt.
- You have no liens or other encumbrances, other than taxes.
- You have the proper financial worksheet and other supporting documents.
If you are faced with the possibility of foreclosure in Illinois, seeking a deed in lieu of foreclosure may be an effective option to preserve your credit rating and relieve you of any financial obligation.
Contact a Cook County Home Foreclosure Defense Lawyer
Talk to attorney Ernest B. Fenton regarding the option of a deed in lieu of foreclosure. Send us an e-mail describing your situation or call us at 708-365-8624 or toll free at 800-416-9387 to schedule an appointment with an experienced attorney.
