Thinking about that you wish to stop a sheriff sale, the following are related ideas.
In the “Deed in Lieu of Foreclosure” process the borrower deeds and offers the residential property to the creditor to in return 1) stop foreclosure and 2) for the forgiveness of possible deficiencies. It is challenging to negotiate with the bank for even one, and really, very difficult to negotiate for both. Not fantastic also because the homeowner loses his or her real property and all equity, very bad.
Deed in Lieu of Foreclosure is the procedure of deeding your real property title to the lender in exchange for their agreement not to seize. Occasionally you can easily negotiate with the loan provider to accept the deed and they cancel the property foreclosure action. It is not without unfavorable effect to your credit, but if you don’t desire to fight the bank in a law suit to save your house which anyone could do with a little help even without an attorney, or if a short sale or loan modification is not an option, a deed in lieu may be an answer.
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