Foreclosure Lawyer

What is a deed in lieu of foreclosure?

A deed in lieu of foreclosure is an attempt to stop a foreclosure on a home. A deed in lieu (or DIL) is basically an agreement between the lender and the borrower wherein you give the property over to the lender and your mortgage is completely canceled. It is a way to get out of your mortgage payment, but it also means that you lose your property.

In a deed in lieu, you are trying to absolve yourself of all remaining debt on the house and in exchange are giving up your property to the lender. The plus side is you wouldn't have a mortgage payment anymore. On the negative side, you will have lost ownership of your home.

A Deed in Lieu isn't always the correct option. It is important to know what you're dealing with and what the best option for you is. A bankruptcy lawyer can help you make the correct decision depending on you and the status of your finances.

Bankruptcy Attorney

A deed in lieu carries with it some negative effects. The house that you have put money towards, decorated and made your own would not be yours anymore. In a deed in lieu, you sign a deed giving the lender full ownership of your house. Also, your credit score is negatively affected.

The best way to figuring out what is best for you to do in times of foreclosure or impending foreclosure is to speak with a bankruptcy attorney. At Bizar & Doyle, we have the attorneys who can answer your questions and help you along the way during these difficult times. There are many things to know and do during foreclosure or a deed in lieu, and it's important you work with someone who knows what they are doing and who cares about the outcome.

Contact a Foreclosure Defense Lawyer from our firm if you wish to seek foreclosure alternatives or are thinking about a deed in lieu of foreclosure for your property.