If you are in a mortgage that you just can't afford, you typically have several options to relieve the financial pressure. If you can find a buyer who is willing to purchase your house for less than the amount owed, you can talk to the bank about a short sale. To stay in the home, you may be able to arrange a loan modification. Sometimes, though, walking away from the mortgage and your home is your only option. If you are considering giving the house back to the bank by presenting a deed in lieu of foreclosure, you want to make sure all the loose ends are tied up to limit potential future liability.
Free Initial Phone Consultation • Reasonable Fees • Years Of Experience
Galloway and Collens, PLLC, is a Michigan real estate law firm in located in Huntington Woods, Michigan. Our attorneys know how mortgage lenders operate, and we work hard to ensure that your financial interests are protected throughout the deed in lieu of the foreclosure process. We negotiate from a position of skill, knowledge, and over 15 years experience to ensure that you are treated fairly and given reasonable credit toward the repayment of the mortgage.
Contact us to discuss your current circumstances. There may be other options available to stop foreclosure, besides turning your house back to the bank.
"In the event you don't have any other option, you may find that simply giving your house back to the bank isn't as easy as just moving out. We handle everything and work to wrap up the loose ends and protect your legal and financial interests." — Attorney T. Scott Galloway
Return of property to the bank through a deed in lieu of foreclosure may not be your only option. Have you considered any of these other options?
- Negotiating a short sale — If you have a prospective buyer, but you are under water, we negotiate to have the bank accept the sale at reduced value and write off a part or all of the remaining balance owed.
- Loan modification — If you really want to keep your house and you have the means to handle modified mortgage responsibilities, we can negotiate reduced interest rates and terms of repayment.
- Sale after foreclosure and redemption — If you are unable to avoid foreclosure, you may have additional time to live in your home to pay back your bank or find a buyer to purchase it at the sheriff's sale price.
- State and federal government assistance — There are several programs available to help Michigan homeowners remain in their homes.
Contact us today. We represent clients in the metropolitan Detroit area and throughout Michigan.