A deed in lieu of foreclosure is similar to a short sale. If you cannot make your mortgage payments anymore, you can hand your house over to the bank, deed them the property and move out of your home. The bank will then forgive you of any deficiency on your loan. Richard Croak and the attorneys at his law office will take the time to explore your rights and options related to deed in lieu of foreclosure.
Protect your security and your rights. Contact attorney Richard Croak today by calling 518-213-3359 or contact the office by e-mail.
Is a Deed in Lieu of Foreclosure Right for Me?
A deed in lieu of foreclosure may be a better option if you want to avoid bankruptcy proceedings or if you think it is easier to simply move out of your home. You may also consider deed in lieu of foreclosure if the value of your home has dipped below the value of your mortgage. For example, if your home is only worth $100,000 and you owe $200,000 on a mortgage, you can pursue a deed in lieu of foreclosure and be forgiven of any deficiency.
Complications Related to Deed in Lieu of Foreclosure
If you have a second or third mortgage, unpaid taxes, or additional liens or judgments, you may need additional assistance before you can pursue a deed in lieu of foreclosure. You must remove all liabilities and be able to clear the title as if you were selling the home to a bank. Richard Croak has extensive and significant experience in handling the complexities of lien stripping for 2nd mortgages and Chapter 13 bankruptcy.
Protect Your Rights and Financial Security
Completing a deed in lieu of foreclosure is complex and may need the help of an experienced attorney. In addition to the deed, you must also complete tax forms and other documentation to sell your property back to the bank. Richard Croak has the experience to protect your rights and help you make the best financial decisions for you and your family.
For more information about bankruptcy options and your rights, please contact lawyer Richard Croak at his Albany, New York, office for an initial consultation by calling 518-213-3359.
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