Borrowers who are about to enter into any form of foreclosure proceedings on a particular piece of property that they mortgaged in the past may have alternatives to simply losing everything. That’s according to a group of Woodridge deed in lieu lawyers who say that proper application of an appropriate deed instrument can transfer all of the interest in a piece of real estate back to the lender. In doing so, the original borrower would be released from whatever personal debt that they had incurred in the process.
While they naturally have to give up the property in order to do this, Woodridge deed in lieu lawyers say that there are some real benefits of exercising this option. A mortgagor who opts to use such a deed instrument can avoid having to make their case public and may end up getting more generous terms than they would have if they ended up in a traditional foreclosure court. Lenders may go for such a deal even if they’re otherwise reluctant because they’re sure to recover at least the property that they were originally offering a loan on.
Some people may elect to view this as a sort of proverbial reset button as a result, which makes it an especially attractive option for situations where someone has a distressed property in their portfolio and need to get out from under it. Visit Covert Marrero Covert LLP online to find out more about how Woodridge deed in lieu lawyers can help with potentially problematic foreclosure cases.
