Being underwater on your mortgage is one of the last things that any homeowner in Orange County wants to face. One of the options their lender may present them is the Deed in Lieu of foreclosure option.
Understanding Deed In Lieu
What Is Deed In Lieu? Deed In Lieu is one of the last options you want to consider because this means you will be transferring ownership of your home in exchange of being released from your mortgage and future payments.
Many lenders will offer borrowers relocation assistance to leave their homes immediately or depending on your situation you may be able to lease your home for up to 1 year depending on the condition of the Real Estate market.
Who Qualifies For Deed In Lieu?
You qualify for deed-in-lieu if you are:
- Facing a financial hardship
- Behind on your mortgage
- Owe more than what your home is worth
What Other Options Do You Have?
Deed in lieu is one of the last options you will have to choose from before foreclosure but you will also have the option to choose Short Sale, another option which will enable your lender to sell your home now so your home won’t have to sit vacant during the foreclosure process.
You Have Choices
Both Deed-In-Lieu and Short Sale are two good options most lenders will offer borrowers in 2014 because everyone from the lender to the Federal Government doesn’t want to see another housing crisis.
To learn more about Deed In Lieu contact Fred Sed & Associates today by calling us at (949) 272-0125.