Deeds-In-Lieu of Foreclosure

Mortgage Legal Group of Michigan offers expert consulting and services for those seeking a deeds-in-lieu of foreclosure solution to their mortgage problems. Keep in mind that a deeds-in-lieu of foreclosure process does not completely release the homeowner from financial responsibility, but it does provide immediate financial relief and makes it possible for the mortgagor to regain control of their financial situation. When a borrower agrees to a deeds-in-lieu of foreclosure process, he or she also agrees to pay a number of additional costs, as listed below. However, the borrower is spared the responsibility of paying whatever financial deficit the lender incurs in the event that the house is sold for less money than is owed at the time of the deeds-in-lieu of foreclosure agreement.

When an individual proceeds with a deeds-in-lieu of foreclosure agreement, they will have to sign numerous legal documents including an “Agreement in Lieu of Foreclosure,” a “Warranty Deed,” a “Quit-claim Deed” and a “Grant Deed.” The Mortgage Legal Group of Michigan will work with the mortgagor to confirm that these documents are properly addressed and submitted to the lender. These documents will grant that both the lender and the borrower are entering into a deeds-in-lieu of foreclosure process voluntarily and legally transfers ownership of the deed to the lender. After these documents are entered, the lender will provide proof to the borrower that the mortgage debt has been satisfied and in case where the borrower is responsible for financial losses associated with the sale of the house, a waiver of the right to a deficiency judgment will also be provided.

Often times, the deeds-in-lieu of foreclosure process are a long and difficult path requiring dozens of follow-up calls and meticulous note-taking. Some lenders will even refuse to start a deeds-in-lieu of foreclosure process if the mortgagor is current on their home mortgage. Being behind on payments is simply not a requirement for a deeds-in-lieu of foreclosure. Borrowers only need to prove a significant change in their economic situation that makes it impossible to continue paying their mortgage payments in accordance with the existing mortgage loan. The Mortgage Legal Group of Michigan provides borrowers with the analysis and information they need to begin an educated and predictable deeds-in-lieu of foreclosure process.

The Mortgage Legal Group of Michigan reviews a borrower’s economic situation including legal documents, telephone conversations and any other additional information in preparing a full-scale analysis of a borrower’s options. The Mortgage Legal Group of Michigan then advises the mortgagor on next steps so that the borrower can make an informed decision about which option is right for their situation. With the help of an attorney from the Mortgage Legal Group of Michigan, an action plan will be developed and implemented. This action plan will provide the borrower with a step-by-step breakdown of the deeds-in-lieu of foreclosure process so that the mortgagor is always intimately familiar with every stage of the process. The Mortgage Legal Group of Michigan will also provide all the necessary logistics support that is essential to successfully attaining an effective and meaningful deeds-in-lieu of foreclosure. With the Mortgage Legal Group of Michigan, every detail is accounted for so that the borrower can focus on choosing the right path.

 

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