If you are facing a foreclosure, there are alternatives available to you. A deed in lieu of foreclosure is one of these options. It involves writing a deed that gives rights to the property back to the lender so that the property owner is no longer responsible. It can help you avoid the necessity of selling the property in a short sale or risking a deficiency judgment and negative credit report from foreclosure.
A Nassau County real estate lawyer can advise you as to whether this is your best option and if so help you to negotiate the matter with the lender on the most favorable terms. Call James J. Quail & Associates, P.C. at (516) 246-2449.
The legal team at James J. Quail & Associates, P.C. is experienced at handling deeds in lieu of foreclosure for clients throughout Nassau and Suffolk Counties. Deeds save the lender the expense of going through the foreclosure process and put the title firmly in lender’s hands. The disadvantage to the lender is that it makes the lender a property manager with the necessity of boarding up the home. In this state it cannot be sold to anyone but an investor who will buy only at a heavily discounted price. As a result, the lender often resists deeds in lieu of foreclosure or expects extra compensation from the borrower.
Our Nassau County real estate law attorney is skilled in working with lenders and homeowners. We have helped countless people throughout Long Island through the deed in lieu of foreclosure, and we can help you, too.
We also advise the client on the possibilities of a short sale where the client finds a buyer to home although at a lower price than the amount of the loan. Lenders are more likely to accept short sales than a deed in lieu of foreclosure because they gain immediate income and avoid the expenses of property management and re-sale.
If you are ready to find out more about this foreclosure alternative, contact our firm today. We offer complimentary 15-minute consultations to help you.