Deed-in-Lieu of Foreclosure Consulting It can be a great option for getting out from under an upside-down mortgage. - It is often the first avenue to try. - It can be pursued with minimal attorney involvement. A deed-in-lieu of foreclosure is not as cut-and-dry as it sounds. We recommend seeking legal counsel before contacting the bank and after receiving the deed-in-lieu final paperwork. As a part of a strategy development consultation, Ben helps clients understand their unique financial situation, what financial information the lender will likely request, the likelihood of success, what’s at stake, and the back-up plan or fall-back position. If the bank agrees to a deed-in-lieu, Ben reviews the final paperwork to determine if the lender is agreeing to waive the deficiency in exchange for the deed-in-lieu, or, if the lender is simply accepting the property, without waiving the deficiency - the difference between the property’s value and amount of the debt. Avoid Deficiency Judgment The primary objective with a deed-in-lieu is deficiency judgment avoidance. Not all deed-in-lieu agreements include a provision to waive deficiency. And in some cases the fine print differs from what the lender said and you understood. Why give up your property if the bank is not willing to cancel the debt? Your ownership of the property is your leverage - don’t give up your leverage without getting something in return. That being said, depending upon your specific financial situation, there may be reasons to complete a deed-in-lieu of foreclosure even where the lender will not agree to waive deficiency. As such, an in-depth discussion of risks and rewards and how they relate to the client’s specific financial situation would be necessary. Understand Your Situation It’s important to understand your financial situation and know what’s at stake before contacting the bank.

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