Fairfax VA -Individuals facing foreclosure might wonder if it’s best to do a deed-in-lieu of foreclosure and just give their home back to their lender.
A deed-in-lieu does have its benefits – for the lender that is.
Lenders like them because it speeds up the foreclosure process. After all, a deed-in-lieu is basically like pleading “No Contest” during a criminal trial.
But contrary to popular belief, a deed-in-lieu does not release you from any unpaid debt automatically. There’s still a chance that the lender will come after you five years later after you’ve gotten back on your feet.
And even if you do decide to do a deed-in-lieu, you’re still going to have to spend several hours – I’m talking as many as 10 hours – simply filling out paper to your lender before you can be approved.
It’s a little ridiculous if you ask me. After all, why should you have to submit paperwork to make it easier for your lender to foreclose on your house?
That is why I recommend a short sale instead of a deed-in-lieu.
When you decide to pursue a short sale, you’ll avoid the humiliation of a foreclosure. Plus, most short sales mean that you can stay in your home rent free for 3 to 6 months! You can even get up to $3,000 from HAFA.
And compared with foreclosures, short sales allow you to be able to purchase a new house a lot sooner.
With foreclosures – even those brought about by a deed-in-lieu – you are ineligible for a new mortgage for 5 to 7 years! When you short sell your home, you can buy another home in 2 years.
Thinking about a short sale? I can help you short sale your property and never pay the bank another penny.
Thanks for reading this,
Thierry is a Real Estate Agent at RE/MAX Premier, and Host of Talk Radio’s, ‘Inside Real Estate’
Phone: (703) 322-0600.
Thierry is an advocate for Homeowners in Distress. Thierry has made it his personal mission to help as many people as possible avoid foreclosure and keep their home.
Thierry Roche specializes in loan modifications and short sales in Fairfax Virginia. Fairfax Loan Modification Help. Fairfax Short Sales. Fairfax Short Sale Realtor. Fairfax County Short Sale Realtor. Fairfax VA Short Sales. Fairfax Realtor.
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This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Roche’s personal views and do not reflect the views of RE/MAX Premier. This information is provided as a courtesy to our viewers to help them make informed decisions.