A deed in lieu of foreclosure occurs when the lender cancels the underlying debt in exchange for the deed. This can be an attractive option because it allows you to walk away from the debt/property on your own terms; allows you to avoid mortgage foreclosure; and it does not have the impact that a mortgage foreclosure does on your credit report. A lender may also be interested in this option because it allows it to avoid the time and fees/costs required to go through with a mortgage foreclosure action.
Please contact an experienced lawyer at JRQ & Associates if you’re considering a deed in lieu of foreclosure. We offer a free consultation to discuss your situation and advise you of your available options. The bottom line is that an experienced attorney at JRQ & Associates will work aggressively to get you the best possible terms while helping you avoid all of the pitfalls that occur during this process. Call today for your free consultation.