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You may qualify if you are experiencing any one of the following:
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Inability to refinance due to high Loan To Value (LTV) or loss of equity
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Inability to refinance due to lack of positive credit or late mortgage payments
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Rate currently adjusting or going to adjust
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Do you have a "Pick-A-Pay" or Minimum Payment Loan
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Financial hardship (job loss, pay reduction, medical bills, divorce, etc)
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Facing Foreclosure
Many banks and other lenders are more than willing to work with you. They don't want foreclosure any more than you do.
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Deed in lieu of foreclosure
Mutual agreement between lender and borrower,
where borrower voluntarily transfers property
(deed) to lender to satisfy a default loan and
avoid foreclosure proceedings.
The deed in lieu of foreclosure offers several advantages to both the borrower and the lender. It immediately releases borrower from most or all of the personal indebtedness associated with the defaulted loan. The borrower also avoids the public notoriety of a foreclosure proceeding and may receive more generous terms compare to formal foreclosure. Lender saves time and money on foreclosure procedures and preserves a property for a future sale. |