Individuals facing foreclosure can often opt for a simpler option—a deed in lieu of foreclosure. A deed in lieu of foreclosure is a deed instrument in which a borrower passes all ownership interest in a property to the lender. Once the process is complete, the loan is satisfied and many steps in the foreclosure process are avoided. Other advantages and potential benefits can include:
- The sure knowledge that the homeowner is truly no longer the owner of record. This can be useful for townhouse and condominium owners because if they remain the owner of record because the lender doesn't complete the foreclosure process, they can be liable for accrued homeowners association fees and debt.
- Deeds in lieu of foreclosure can be conducted more discreetly than foreclosures.
- Terms may be more generous than formal foreclosure terms.
- Deeds in lieu of foreclosure may be less harmful to credit scores than formal foreclosure.
Deeds in lieu of foreclosure can also involve potential pitfalls. Perhaps most importantly, bear in mind that this option does not result in the avoidance of a foreclosure.
Phoenix Foreclosure Attorney, Serving Arizona 1994
If you have questions regarding deeds in lieu of foreclosure, please contact The Roll Law Office, PLLC. Firm lawyer Guy P. Roll has practiced bankruptcy, asset protection and debt relief law for more than 15 years, and can provide essential legal help when debt becomes overwhelming. For more information, please contact our firm.
Contact a Phoenix Foreclosure Lawyer
To learn more about how The Roll Law Office, PLLC, can help you get a financial fresh start, please contact us today to set up a free consultation. We operate offices in Tempe, Mesa, Scottsdale, Glenwood and the White Mountains/Show Low, Arizona, and can be reached at 866-603-1533 or 602-652-2403.
