The mortgage solution known as the Deed in Lieu of foreclosure and the Homeowner Benefits Obtained are explained here.This is a resource to help homeowners understand the Deed in Lieu of foreclosure benefits.
If you are a homeowner who is looking down the barrel of a looming foreclosure sale date you may think that all hope is lost and there is nothing you can do if you are unable to afford your home.
We are pleased to inform you that you still have options even if you can’t keep your home. There are many foreclosure alternatives that allow a homeowner to stop foreclosure with out retaining home ownership. If you would like to keep your home please consider the Obama loan modification program.
One of the most popular ways is through what is known as a deed in lieu of foreclosure.
There are many benefits that a homeowner facing foreclosure is able to obtain through a deed in lieu. Below we have created a list of benefits homeowners are able to realize.
7 Benefits of a Deed in Lieu of Foreclosure
- One of the biggest and most prized benefits of a deed in lieu is the ability for the homeowner to stop foreclosure.
- Avoid many of the consequences of foreclosure.
- Credit score will be repairable sooner.
- Ability to obtain thousands of dollars in foreclosure relocation assistance through a cash for keys like program.
- May be able to stay in the home via a lease through a program known as “Deed for Lease”
- Walk away from your home.
- Mortgage debt is forgiven in the vast majority of cases.
You are doing well for yourself by exploring helpful resources such as this finance blog. Keep trying to improve that budget and you will be on sound financial footing before you know it.