Deed in lieu is a legal instrument allowing distressed homeowners to avoid foreclosure. Deed in lieu is a unique process which helps both borrowers and lenders. Borrowers can avoid the harassment and social price associated with standard foreclosure process. On the other hand, deed in lieu allows lenders to avoid the hassle and fees of foreclosure.

Deed in lieu involves complex negotiations with lenders. Borrowers will need to present a documented offer to their lender listing details and deadlines. Complications are common as lenders will strive to protect their interests prior to accepting any offer from borrowers. For example, if the borrower has two or more mortgages, the holders of the mortgages will have to resolve the primacy and settlement issues.

Upon accepting a deed in lieu offer, both sides must enter in a new agreement under two conditions: voluntarily and good faith. Voluntarily mandates a clear offer where all sides involved enter into agreement form their own free will, without coercion or duress form other parties. Good faith is a legal term meaning honest and good faith in law.

Legal Debt Solutions offers deed in lieu services to our clients. We will handle all negotiations with lenders, financial institutions and mortgage holders. Our office has helped many clients and can assist many more distressed homeowners.