Mortgage Foreclosure
Legal Help During Mortgage Foreclosure
Efficient Service in Emergencies | Member of Indiana State Bar Association | Over 30 Years of Experience
Efficient Service in EmergenciesMember of Indiana State Bar AssociationOver 30 Years of Experience
Sound Legal Advice on Mortgage Foreclosure
If you have an existing mortgage that you're unable to pay due to any reason, a mortgage foreclosure can be inevitable. However, it's important to note how this process will be undertaken, so that your financial interests are protected. Mike Norris Law Offices will help you sort through this process with ease.
Deed in Lieu of Foreclosure or Not!
The common understanding of a mortgage foreclosure is that your mortgage is foreclosed in lieu of the deed. The lender will then be the owner of the deed and you get rid of the mortgage.
In today's real estate scenario, this becomes a problematic exchange. Why?
- Lack of equity in the property
- Property value loss due to market conditions
Since lenders may not always get the best outcome when they take the deed in lieu of foreclosure, most of them do not accept it these days. Several other reasons like federal regulations, judgement liens, second mortgages, homeowner's association lines, and other title issues make deed in lieu of foreclosure unappealing to the lenders.
As a debtor, your best interest lies in getting rid of the mortgage and handing over your property to the lender in lieu of the deed is your best bet. If you can come to an agreement with your lender to accept this, you stand the chance of quickly and efficiently resolving your significant real estate debt.
Having a good mortgage foreclosure attorney by your side during this time can come in handy and allow for a quick and efficient resolution.
Note:
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
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