Deed in Lieu of Foreclosure

If you are struggling to make mortgage payments and simply do not see a way of getting back on track, you have legal means at your disposal. A deed in lieu of foreclosure allows you to deed your property back to the mortgage lender and avoid having a foreclosure on your record or a deficiency balance due on your mortgage.

At Billbusters, Ledford, Wu & Borges, LLC, we help clients throughout Chicago and the surrounding areas with a wide range of mortgage assistance issues. While a deed in lieu of foreclosure will not allow you to keep your home, it can relieve you of burdensome debt and help you keep a foreclosure off of your credit report.

Is A Deed in Lieu of Foreclosure in Your Best Interests?

In most case, the lender will lose out financially by accepting a deed in lieu of foreclosure. For this reason, the homeowner must present compelling evidence that the action is in the lender's best interests. It is often necessary to demonstrate significant financial hardship, and show that all other options have been exhausted.

Also, a mortgage lender will be very unlikely to accept a deed in lieu of foreclosure if there are subordinate liens on the property. Before accepting the transaction, they will conduct a title search to determine if there are second mortgages or junior liens. If the lender accepts the offer, it is important to have an experienced attorney to handle all of the paperwork and legal steps.

Contact Us · Cook County Foreclosure Defense Attorneys

Contact our law offices online or call 312-651-4200 to speak with an experienced Illinois mortgage defense lawyer. We are ready to help.

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