Two Alternatives to Consider When Faced with Possible Foreclosure Dec01

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Two Alternatives to Consider When Faced with Possible Foreclosure

Financial difficulties can often lead to problems keeping up with a mortgage, and one possible outcome is a short sale. A deed-in-lieu lawyer in Elmhurst, IL can also be an effective resource for anyone in the greater Chicago area who wants to avoid foreclosure or no longer wishes to carry a burdensome mortgage.

What is a Deed-in-Lieu Process?

If your lender is unwilling to allow a short sale in your situation, another possible option is returning the home to the lender in what is called a deed-in-lieu. Basically, the bank receives the house in lieu (instead of) repayment of the mortgage. This option is best for people who do not have equity in their home and are looking to walk away from the situation with a clean slate. A knowledgeable deed-in-lieu lawyer in Elmhurst, IL will be able to advise you if this is an appropriate course of action for your situation.

Are Short Sales a Viable Alternative to Foreclosure?

If the value of your home has fallen below the outstanding balance of your mortgage and you have recently experienced a financial hardship such as loss of a job or divorce, it is worth inquiring with your lender to see if a short sale is possible. Your deed-in-lieu lawyer in Elmhurst, IL can advise you if this is a good option for you, while reminding you that you cannot hold any assets that could help to defray the balance of the mortgage if you want to move forward with a short sale.

Foreclosure is not always inevitable, and short sales and deed-in-lieu transactions are two methods where you will be able to get out from under your mortgage without having to experience a default on your mortgage.

Covert & Covert, LLP is a full-service legal practice specializing in cases relating to injury as well as defending clients from foreclosure. The firm has offices in Naperville, Warrenville, and Schaumburg, IL with a client base located in Cook, DuPage, Kane, and Will counties.

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