Deed in Lieu of Foreclosure

If you are among the countless families facing home foreclosure in Orange County and want to find out what you can do to resolve the situation, then you need to know about a legal instrument known as "deed in lieu of foreclosure." A home mortgage is a secured debt, meaning that when you signed the loan documents you agreed to put the house up as collateral against the debt.

When you carry out a deed in lieu, you simply offer to turn over the deed to the lender to satisfy the debt. Banks are often willing to cooperate with this type of request, as their main objective is to recover as much as possible on what you owe, and a deed in lieu is usually a much faster method than a foreclosure. If the house is upside down–worth less on the market than what is owed on the mortgage–you may meet opposition from your lender. In this case you might want to consider a short sale or other foreclosure alternatives.

Because it is a voluntary transaction, you will have to convince your lender to comply with your request, and a knowledgeable Orange County foreclosure attorney can not only represent you in negotiations, but also assist you through the entire process to ensure that it goes smoothly and quickly.

Help from an Orange County Foreclosure Attorney

If you are seeking to protect yourself and your credit from the mark of a foreclosure, then it is important to understand your options. In a deed in lieu scenario, you are still losing your home, however your credit is being protected to an extent. If you are considering this option, it is vitally important for you to speak with a skilled representative who can evaluate your situation and help you determine the best course of action for your future.

At 1st California Law, we are committed to providing affordable, understanding and personalized legal services to families and individuals who face foreclosure. Our firm will consult with you to determine whether a deed in lieu would be an effective plan of action for you situation.