Chicago IL Deed-In-Lieu of Foreclosure
Many people in Chicago or elsewhere for that matter have never heard of a deed in lieu of foreclosure. It might be a very good option for you depending on your situation. This is something your lender has to agree to, but it can be beneficial to them in some circumstances. It can also be beneficial for you and your lender in the following ways:
- It relives you from your existing home debt.
- It keeps you away from foreclosure.
- It protects you from deficiency judgments.
- It prevents your lender from having to go through expensive foreclosure issues.
The deed in lieu of foreclosure can in some cases cause your lender to have to negotiate liens and this may make it a bad option for the lender.
At the Law Office of Ranj Mohip, LLC we can help you work through this process. Bring our experience to the table and let us work with your lenders to see if a deed in lieu is a viable option to relieve you from your mortgage debt. You may also need to look into a consent foreclosure.
If you are struggling with our mortgage payments a consent foreclosure may be the answer if a deed in lieu of foreclosure is not an option. In both options you will be giving up your property to the lender. You can start a consent foreclosure after your foreclosure proceedings have already started. In a consent foreclosure you may still have to pay lawyer fees and court costs. There are less paperwork hurdles in a consent foreclosure in comparison to a deed in lieu.
If you have questions about whether you qualify for this please don’t hesitate to call the Law Office of Ranj Mohip, LLC. Our team is here to help you through this process in any way we can.