DEED-IN-LIEU OF FORECLOSURE
If you can no longer afford your property and you are facing the prospect of foreclosure, your lender may agree to accept a Deed-in-Lieu of Foreclosure. A Deed-in-Lieu of Foreclosure is a conveyance of the subject property from the property owner to the current mortgage holder. The conveyance is done to avoid foreclosure proceedings. Like a short sale, whether or not the mortgage holder agrees to accept the Deed-in-Lieu of Foreclosure as full satisfaction of the underlying debt depends on each lender and the specifics of the transaction. Not all properties will qualify for a Deed-in-Lieu of Foreclosure. If there exists any liens or judgments recorded against the property owner or the property or if the property is encumbered by a second mortgage, then the property will not qualify for a Deed-in-Lieu of Foreclosure. Attorney Orsatti will work with your lender to determine if you are eligible for a Deed-in-Lieu of Foreclosure and will seek to negotiate the total discharge of your obligation to the lender upon the transfer of property.