What Is a Deed in Lieu of Foreclosure?

If you have been overwhelmed by your debts and are in danger of having your home foreclosed upon, a Deed in Lieu of Foreclosure Agreement may be the best way for you to secure more favorable terms and avoid the serious credit-score ramifications of a foreclosure filing.  In this process, a homeowner turns over the interest he or she has accrued in a home to the lender in exchange for forgiving the debt.  This is usually used only as a last resort when mortgage modification is impossible and foreclosure is looming.

If you or someone you love is facing foreclosure and would like to learn more about what the West Palm Beach Deed in Lieu of Foreclosure attorneys of Eric N. Klein & Associates, P.A., may be able to do for you, please contact us today by calling 561-353-2800.