Connecticut Foreclosure Lawyer on Your Side
Connecticut homeowners are no exception to the increase of foreclosures happening nationwide. There are alternatives to foreclosure, however, such as a deed-in-lieu of foreclosure.
Wondering if a deed-in-lieu of foreclosure is an option for your property? Our Connecticut foreclosure defense attorney can walk you through the steps of utilizing a deed-in-lieu of foreclosure in order to keep you and your home afloat.
Get in touch with our firm today to discuss your home situation.
What is a deed-in-lieu?
With a deed-in-lieu of foreclosure, your property is deeded back to the lender.
Lenders may accept a request for a deed-in lieu of foreclosure with the following conditions:
- You are experiencing financial hardship and cannot afford your current mortgage payment
- The property has been listed for sale at a fair market value for at least 90-120 days
- The property's title must have no encumbrances, such as judgment liens or state and/or federal tax liens
- The owner of the property must have no financial means to pay the balance of the mortgage as shown by a financial statement, tax return, or W-2
Do I need a foreclosure attorney for a deed-in-lieu?
Requesting a deed-in-lieu does not mean the lender will cease their foreclosure action. If the lender obtains a judgment of foreclosure before approving or denying a short sale, you will be unable to do so. A lender may be able to obtain a judgment in under two weeks while taking between three weeks and three months to decide on a deed-in-lieu. This makes it crucial for you to have legal counsel every step of the way.
You need The Woods Law Firm, LLC on your side to advise you. Unlike lenders, we always keep our clients' best interests in mind. Our firm can help you determine if a deed-in-lieu is the right option for your home and guide you through the process.
Call today for a case evaluation!
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