West Palm Beach Deed In Lieu of Foreclosure: Is it the right option for you?
Financial trouble can affect almost every area of your life. It can be a stressful, overwhelming time, especially if you are facing threats of the loss of your Florida home and other consequences. Foreclosure may have a significant impact on your credit and your opportunities in the future, but even when you are hopelessly behind on payments, foreclosure is not necessarily your only option.
There is an option that could be available to you that may allow you to walk away from your home, thereby releasing you from the responsibility of making payments. This is called a deed-in-lieu of foreclosure, also known as a mortgage release. If you can no longer afford your home, you may find it useful to explore this option by speaking to a qualified real estate firm, such as Law Office of Ryan S. Shipp, PLLC.
Is This A Viable Alternative To Foreclosure?
Deed-in-lieu of foreclosure happens when you willingly relinquish ownership of your home over to whatever company or lender owns your mortgage. This means that you are no longer responsible for payments. Depending on your unique situation, you may be able to leave the home immediately with a relocation incentive, lease the home for up to one year or stay in the home for a few months longer without paying.
If you are facing threats of foreclosure, you may be wondering how you can make it stop. A deed-in-lieu of foreclosure could be an option for you if any of the following apply to your situation:
- Refinancing or modifying your mortgage is not an option.
- Your financial hardship is long-term.
- You owe more on your home than it is currently worth.
- You are behind on your mortgage payments.
- You expect to fall behind on your mortgage payments in the future.
- Selling your home is not an option.
- You are ready to leave your home because you cannot afford it.
This is a viable way to keep a foreclosure off your credit history, but it is not a decision you should make without careful consideration of all options and full knowledge of your rights.
Protecting Your Financial Future
Financial troubles may feel like they are consuming your life, but it is not something that you have to face alone. With the guidance of an experienced attorney, you can understand if a deed-in-lieu of foreclosure is the right choice for you. If it is not, there may be other alternatives to foreclosure that could help you ease the strain of your current situation, as well as protect your financial future.
If you’re in foreclosure, and you’re thinking about a loss mitigation option, whether it be a short sale or a West Palm Beach Deed In Lieu of Foreclosure, call your West Palm Beach Foreclosure Defense Lawyers today @ Law Office of Ryan S. Shipp, PLLC. 561.699.0399. Office in Lantana, Florida.
