A deed in lieu is a way for those who are behind in mortgage payments to get caught up while avoiding foreclosure on the home. This agreement involves signing your title to the home over to the bank. The bank will then agree that you won’t be liable for some or all of the money due on the promissory note and the mortgage lien will be released. That’s where Woodridge deed in lieu lawyers can help you.
The Process
To get a deed in lieu, you will be required to apply along with some supporting documents. These will go to your mortgage servicer. The bank will then have the chance to approve or reject your request. In most cases, if you meet qualifications, the bank will agree to the request, but only if no second lien or judgment lien is on the property.
Why Hire an Attorney
There are a few situations where having Woodridge deed in lieu lawyers is nearly mandatory. At the very least, you should consult with a lawyer about your situation before moving forward.
Unable to Fill Out Application
If you aren’t comfortable filling out the application, an attorney can provide the help you need. This person can explain how to fill out the application and walk you through getting the documentation you need for your request.
Lack of Understanding of Documents
Another situation where an attorney can be a great help if is you doesn’t understand the deed in lieu documents that your bank sends back to you. If you are unsure of your rights under the agreement or don’t understand what you’re signing and what it means to you, don’t sign until you speak with a professional who can help you make that decision.
Having an attorney who is well-versed in deed in lieu law gives you the best possible chance at a positive resolution. Nobody wants to go through the legal process, but if it’s inevitable, it’s best to have a professional who can educate and represent you. While you can attempt the process on your own, we do not suggest it.
At Covert & Covert, LLP, we provide specialized knowledge about deed in lieu situations. We are experienced and skilled with a great track record.
