A Deed in Lieu of Foreclosure is a private foreclosure between the borrower and the lender rather than a foreclosure where there are notices published. Deeds in Lieu of Foreclosure are extremely rare, because lenders want the borrower to exhaust all options before a Deed in Lieu is pursued. Basically the lender agrees to rip up the promissory note in exchange for the property. Another reason Deeds in Lieu of Foreclosure are rare is because lenders will have to take the property subject to any liens the borrower has incurred (HOA liens, mechanics liens, etc.) and that would put the lender in a precarious position.
Van Law Firm has helped many in the Las Vegas and Henderson community with foreclosure, short sale, bankruptcy, debt settlement, loan modification, and personal injury. We also are knowledgeable when it comes to government programs like the Home Affordable Foreclosure Alternative (HAFA) and the Home Affordable Modification Program (HAMP). These programs are designed to help the homeowner who is having trouble affording their home.
Please feel free to contact us today so that we may discuss the options that are available to you.
Van Law Firm at 702-529-1011