Serving Waukegan, Libertyville, Lake County, Gurnee & nearby areas of Illinois
For the past few years, we have been inundated with news stories about the large number of homes in foreclosure due to failure to pay back a mortgage loan. Many homeowners know that they will not be able to get the loan current or be able to pay the mortgage in the future. One way to get out of a bad situation, to get your credit back on track and to avoid having to go to court is a deed in lieu of foreclosure. A deed in lieu involves a transfer of ownership of the property to the lender in exchange for a release of any further liability against the borrower. Banks are are no legal obligation to accept a deed in lieu, especially if they believe the borrower is not walking away from the loan due to a true hardship. However, lenders also recognize that a deed in lieu of foreclosure can be used to avoid court costs and attorney’s fees that are often never recovered after the foreclosure process and can expedite the resale of the property. Our firm has handled many deeds in lieu of foreclosure, representing both local banks and property owners in different cases. Feel free to contact us if you would like to find out if a deed in lieu of foreclosure makes sense in your situation.