A deed in lieu of foreclosure is the process where the homeowner returns the property to the bank in exchange for avoiding a foreclosure judgment on their credit. Similar to the application process in a short sale, a deed in lieu of foreclosure allows a homeowner to dispose of the property and walk away without judgment on their credit. JP Legal LLC’s network of professionals are extremely skilled in negotiating deeds in lieu of foreclosures with the banks.
Alternatives to Foreclosure
A loan modification is a process with the bank that allows a homeowner who has fallen behind on their payments to modify their loan into a new payment structure. This process can take up to 6 months or longer and is a lengthy application process. Our team is highly experienced in negotiating with the banks to obtain a loan modification for interested homeowners who wish to save their home from a foreclosure.
A short sale is the act of selling the property for less than what is owed. This is an option for homeowners in foreclosure who wish to dispose of the property and avoid a foreclosure judgment on their credit. The short sale process is application heavy and involves real estate agents. Our team at JP Legal LLC has a network that is extremely experienced in negotiating and obtaining short sales for our clients.