Prevent-Foreclosure.org

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THE WORST THING YOU CAN DO IS IGNORE IT! You will find it vital to get help EARLY in a foreclosure situation. If you have received an N.O.D (Notice of Default) then you need to begin NOW if you want to keep your home. Many people come to us at the very last minute and are left helpless because of the fact that they ignored the problem and didn't want to get help before it was too late!
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Easy Steps:

  • 1) Get your paperwork
  • 2) Call Us Toll Free
  • 3) Talk with a Friendly Representative
  • 4) Choose the Right Solution
  • 5) Work on Stopping Foreclosure With The Representative
  • 6) Resolve the Foreclosure and Start Fresh!
Stopping

FORECLOSURE

One of the First steps in Stopping Foreclosure is to contact the lender whom has made the loan. You can do it yourself - or have a knowledgeable representative do it for you. The salvation of one's credit rating is important to many people.

A Deed in lieu of foreclosure is a deed instrument in which a mortgagor (i.e., the borrower) conveys all interest in a real property to the mortgagee (i.e., the lender) to satisfy a loan that is in default and avoid foreclosure proceedings.

The deed in lieu of foreclosure offers several advantages to both the borrower and the lender. The principal advantage to the borrower is that it immediately releases him from most or all of the personal indebtedness associated with the defaulted loan. The borrower also avoids the public notoriety of a foreclosure proceeding and may receive more generous terms than he would in a formal foreclosure. Advantages to a lender include a reduction in the time and cost of a repossession, and additional advantages if the borrower subsequently files for bankruptcy.

In order to be considered a deed in lieu of foreclosure, the indebtedness must be secured by the real estate being transferred. Both sides must enter into the transaction voluntary and in good faith. The settlement agreement must have total consideration that is at least equal to the fair market value of the property being conveyed. Generally, the lender will not proceed with a deed in lieu of foreclosure if the current fair market value of the property exceeds the outstanding indebtedness of the borrower.

Because of the requirement that the instrument be voluntary, lenders will often not act upon a deed in lieu of foreclosure unless they receive a written offer of such a conveyance from the borrower that specifically states that the offer to enter into negotiations is being made voluntarily. This will enact the parol evidence rule and protect the lender from a possible subsequent claim that the lender acted in bad faith or pressured the borrower into the settlement. Both sides may then proceed with settlement negotiations.

Neither the borrower nor the lender is obliged to proceed with the deed in lieu of foreclosure until a final agreement is reached.

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