A deed-in-lieu of foreclosure is when the borrower agrees to transfer the legal ownership rights to his/her property for the release of his/her monetary obligations by the lender. In Ocala, the deed is considered a legal document that signifies ownership of the property. By transferring the deed to the lender, a homeowner can avoid the foreclosure process. Depending on the terms and conditions of agreement with the lender, a borrower can benefit from a deed-in-lieu of foreclosure by reducing or eliminating the balance on a mortgage so that it provides him with an opportunity to commence a new beginning. Negotiating the terms and conditions of the deed-in-lieu is certainly a daunting task and hence it is better to take the help of an Ocala deed in lieu of foreclosure attorney who is well versed and experienced in this field.
It should be noted that, rather than taking the matter to the court, if both parties act reasonably a deed-in-lieu can prove to be beneficial to both parties. Based on the terms of the agreement, a borrower will no longer be obligated under the terms of the note and mortgage, and the lender will assume ownership of the property. It should also be noted that the deed-in-lieu is a usually a better option than a foreclosure because the foreclosure process is lengthy and costly. On the contrary, if both parties agree to a deed-in-lieu these obstacles can be avoided. Also, a foreclosure negatively affects the credit score of a person; however, a deed-in-lieu is a much better option which enables a person to get back on financial track quickly without the negative reporting of a foreclosure.
A person who is more than one month behind on their mortgage payment can qualify for a deed-in-lieu of foreclosure. A lender will usually agree to a deed-in-lieu only if it believes the borrower will not be able to make payments because of a loss of job, disability, or unexpected bills.
If you think a deed-in-lieu can help you then get in touch with an Ocala foreclosure defense attorney so that you better understand the entire process.
About The Author:
The Law Offices of Justin McMurray, P.A has the ability to effectively handle nearly every case. The Law Offices of Justin McMurray, P.A reviews your case and help you to decide whether this is the best option for you or not. The firm guides you throughout the process to ensure you get the most out of this opportunity to make a fresh start in life.
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