A Deed in Lieu of Foreclosure helps our foreclosure and pre-foreclosure clients who wish to amicably resolve the mortgage loan without retaining the property. The Deed in Lieu process is similar to the loan modification and short sale process because the bank requires completion of the request for mortgage assistance form (known as the RMA) and gathering all necessary financial supporting documentation. Common financial disclosures include: tax returns for 2 years, bank statements for 6 months, and pay records for 6 months.
If the bank accepts the Deed in Lieu of Foreclosure application, then the bank will provide a Deed in Lieu document for our client’s execution. The end result is that the bank takes back the property, our clients no longer face constant or threatening calls from the bank, our clients will not face a deficiency judgment, and our clients are provided with the opportunity to move on.
Our attorneys take the worry out of the Deed in Lieu of Foreclosure process. Call us today to discuss how we can assist you.