Deed in Lieu of Foreclosure | Deed in Lieu of Foreclosure | | Print | |
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Deed in Lieu of Foreclosure We have two step deed in lieu of foreclosure process. In Step one The Deed in Lieu offer" First we provide you with our Upside down analysis ( for more information click here) to make sure that a deed in lieu is right for you and you are aware of the risks and the rewards. We also help you design a strategy to best help you accomplish your goals with respect to deficiency, taxation and credit. Then we have you begin filling out parts of our pre-foreclosure package. We review the hardship letter - get the proper authorizations, see if we can legitimately make a claim which gets the lenders ready to accept the deed in lieu and then we draft our offer. We will also provide you with cease and desist letters if the lenders collection departments are disturbing you and they probably will if you decide to stop making payments on your loans. The package above costs 600 dollars. The reason why we have split this package up into two separate parts is because sometimes the lenders are now willing to intially accept a Deed in Lieu offer although the will consider after a certain period of time or certain occurence. Some lenders also seem more willing to accept Deeds in Lieu after a Notice of Default has been filed. So even if the first offer has been rejected. We will submit a second identicial offer at a latter date for 50 dollars. Deed in Lieu - 2nd part. If the lenders accepts your offer we will review or draft the closing paperwork with you on an hourly basis. or If the lenders requests supplemental information, our team then work with you to prepare the pre-foreclosure package. Once put together we will submit the pre-foreclosure package to the lender. Once the package is on the negotiators desk we will have one of our lawyers personally negotiate with the lenders "negotiator" or "closer". If the lender is not meeting all your terms we will also draft and submit a qualfied written Request under RESPA which is designed to illustrate to the lender it might be better to agree to your deed in lieu rather than give you a hard time. This package typically costs 1000 dollars. If the RESPA letter is required we can draft it an submit it for 700- 2000 dollars depending on how much followup you request us to do. A deed in lieu of foreclosure eliminates the step of having to sell your home. For some California home owners a deed in lieu the best option. A deed in lieu may save you thousands of dollars in taxes. As of May 2008 California has not aligned its tax code with the new federal law on loan forgiveness. Therefore a short sale may expose you to many thousands of dollars in taxes you might not face with a deed in lieu. Make sure your understand the difference between taxation for loan forgiveness vs liablity for a deficiency to the lender. Please note, even if you have two loans you can still negotiate a succesful deed in lieu. Again just like with short sales, think carefully and know the law before you provide information about your job or you assets to the lender's loss mitigation department. They warn you they are collecting a debt for a reason. Finally, make sure you have a complete workout strategy set up before you start your workout. Don't let the sold out second dictate the terms of the workout to you. If you are interested in getting started contact us. Please do not wait until after a Notice of Default or a Notice of Sale is filed. We have have broken down our Deed in Lieu of foreclosure process into two packages |
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| Last Updated ( Sunday, 20 July 2008 ) |
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