Representing Businesses and Individuals in Chicago and Northern Illinois

About Deed In Lieu Foreclosure

If you have been threatened with the possibility of losing your home to foreclosure, you may be ready to give up the home and move on to a new chapter in your life. After months or years of struggling to stay current on the mortgage payment, you may have reached a point where you feel that it simply isn’t worth it to spend so much time and effort trying to keep a house you simply can’t afford. If you would rather wash your hands of the property than try to fight to keep it, the fastest and most simple solution may be for you to negotiate a deed in lieu of foreclosure.

With a deed in lieu, a Cook County attorney from Whiteman Law, will represent you in negotiations with the bank with the goal of persuading them to accept the deed to the property in exchange for forgiving you the balance of the loan. In other words, you simply surrender the deed to the bank, and they agree not to pursue you for a deficiency judgment for the remaining amount that you may owe on the loan.

Advantages Over Strategic Default

Deed in lieu has significant advantages over strategic default or allowing the lender to move forward with the foreclosure. For example, it will typically cause far less damage to your credit score. It may also be possible to negotiate with the lender to allow you to remain in the property for a little while longer than you otherwise would so that you can prepare to move and also perform any necessary repairs to the house. This approach also works in favor of the lender, because it absolves them of the necessity of carrying out the significantly complex legal process of foreclosure. It is not, however, sufficient to inform the bank of your intention and then to stop paying. Instead, it is necessary to secure their approval for the request, which often requires extensive negotiation.

Contact Whiteman Law

Need a lawyer for foreclosure defense in Cook County? Contact us now for a free consultation to learn whether this is the best solution for you and to get started on the process. We are prepared to help you from start to finish with your case; we will fight to protect your home and your future. Call 312-655-1000.