One way to avoid foreclosure in Aurora or anywhere else in Colorado is by a deed in lieu of foreclosure. A deed in lieu of foreclosure means you transfer your home to the lender in exchange for being released from the mortgage loan. The lender will then end any current foreclosure process. Always consult an experienced bankruptcy lawyer for full details about the deed in lieu of foreclosure process in Colorado.
Deed in Lieu of Foreclosure Process: Littleton Bankruptcy Attorney is Essential
Having a skilled Littleton bankruptcy lawyer is imperative if you decide to pursue a deed in lieu of foreclosure process. Most importantly, a bankruptcy attorney can help you decide whether a deed in lieu of foreclosure is right for you. Additionally, a bankruptcy lawyer will help you fill out the application, as well as help you prepare required documents regarding your income and expenses. In some cases, mortgagors will go after you for the deficiency between the market value of the home and the mortgage debt. They do so by getting a deficiency judgment from a court. A skilled bankruptcy attorney can help you avoid this deficiency judgment or get a reduced deficiency.
Deed in Lieu of Foreclosure in Centennial, Colorado: Pros of Deed in Lieu of Foreclosure
One of the pros of a deed in lieu of foreclosure in Centennial and across Colorado is that you would not have the responsibility of selling your home. Instead, the title to your home will be given to the lender and the lender has the responsibility of selling your home. Additionally, your credit score will be less impacted by a deed in lieu than if you were to go through with a home foreclosure.
Castle Rock Bankruptcy Lawyer Explains Disadvantages to Deed in Lieu of Foreclosure
Though a deed in lieu of foreclosure can help you avoid foreclosure in Castle Rock, it may not be available to you if you have home equity loans, tax liens or if you have second or third mortgages. Additionally, any forgiven debt from your mortgage will be taxed as income. This can be a major surprise. If you have more questions about a deed in lieu of foreclosure and the deed in lieu process, speak with experienced bankruptcy attorney Barry Arrington. Barry will help you be sure of whether a deed in lieu of foreclosure makes sense for you. Call Barry today to set up a free initial consultation and be on your way to your best fresh start possible.
If you have more questions about a deed in lieu of foreclosure, contact bankruptcy attorney Barry Arrington for a free initial consultation. Contact him at 303-205-7870. Or, submit the “Get Help Now” form to begin your journey towards financial freedom.