This option offers several advantages for both you and your mortgage lender. The advantage to you is the immediate release of most or all personal liability associated with the defaulted loan. While clearing the indebtedness, you may also avoid the public notoriety of a foreclosure proceeding.

A Deed-In-Lieu procedure allows the home owner to give the property voluntarily back to the lender. Often times, the debt or deficiency is forgiven. A Deed-In-Lieu will not save your home, but may be used to avoid a long legal process of foreclosure and increase your chances of getting a loan in the future. Deed-In-Lieu will have a negative affect on your credit. However, it is often a better alternative to a foreclosure.

Deed-In-Lieu will typically require your home being listed with a Real Estate Agent for at least 30 days. In addition, the property must be free and clear from all other liens. Let First Legal Group, P.A. help you take the necessary steps should your situation requires this option.