Riverside Deed in Lieu Lawyer

Deed in Lieu of Foreclosure: A Solution in Riverside

"Deed in lieu of foreclosure" is a process that involves a homeowner signing the deed to a home over to the lender, thereby avoiding foreclosure proceedings. Generally, this process is used when the value of the home is far less than the amount owed on the mortgage, and when the homeowner is not committed to staying in the house or is facing foreclosure and needs to avoid the damage.

There are a number of advantages to a deed in lieu of foreclosure. The primary advantage is the waiving of any "deficiency balance" that the lender might ordinarily seek, although this part of the process must be negotiated by your attorney to ensure you are not left owing the lender money. This allows the homeowner to "walk away" from the house without owing anything further to the bank. If your home is in danger of foreclosure, it is recommended that you contact a Riverside foreclosure defense lawyer at the Law Office of J. Arthur Roberts today. With two decades of experience, our firm can review your mortgage situation and determine if a deed in lieu is the best option for you. If you decide to proceed with a deed in lieu, we will ensure that it is submitted and negotiated properly, in order to maximize the likelihood of a successful outcome for you.

Deed in Lieu Process

The process for a deed in lieu begins similarly to any other negotiation with a mortgage lender. You must compile and submit a financial package that contains information and documentation related to your income, assets, debts, and monthly expenses. The package must also contain a letter that explains your current financial circumstances, and how those circumstances led to your inability to pay towards your mortgage. Once this has been submitted, the lender may schedule a thorough inspection of your home, and then decide whether or not to proceed. The firm assists with every aspect of the process, and is available to discuss your individual situation.

If you are looking for alternatives to home foreclosure, contact a Riverside deed in lieu attorney who can provide you with information about a deed in lieu.