The Deed in Lieu as a New York Foreclosure Alternative
A deed in lieu of foreclosure is an alternative to foreclosure that may be an option for those borrowers who do not qualify for a short sale or who cannot fight a foreclosure on legal grounds. A deed in lieu of foreclosure allows you to avoid a foreclosure by voluntarily turning over your deed to the property to your lender. In exchange, your mortgage debt is forgiven. You simply relinquish the property and walk away. No need to go through the foreclosure process, have a foreclosure listed on your credit report, or suffer the credit damage that will follow.
In most cases, you will be able to remain in your home until the agreement is worked out and for a short while thereafter. You may, however, be subject to a deficiency liability should the property eventually sell for less than what is owed as banks in New York have the legal right to pursue the balance of the loan from borrowers. Each transaction of this type is different, according to the lender and terms involved, that is why you will need to ensure that you thoroughly understand any repercussions and weigh your options.
Legal Help with a Deed in Lieu
To get the legal assistance you need to consider this alternative and to move forward, you should consult with an attorney who is experienced in foreclosure defense options. At the Law Firm of R. David Marquez, P.C. you can discuss your case with a Long Island foreclosure defense attorney who can assess your situation and determine what the consequences may be. The firm can advise you on the legal factors involved, help you qualify, and complete the process. You may also wish to explore other options that may be more suitable to your needs.
A deed in lieu is often more advantageous to lenders as it reduces the legal costs of foreclosure. It benefits borrowers in that it results in less damaging consequences to credit scores, making it easier to move on.
Contact a Long Island foreclosure alternative attorney at the firm for legal assistance with a deed in lieu of foreclosure today.
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