Deed in Lieu in Los Angeles

If you are facing foreclosure or bankruptcy and you have substantial equity in your home, you may find a “deed in lieu of foreclosure” option beneficial. A deed in lieu is when you negotiate an arrangement with your lender to accept the deed to your home rather than pursuing a foreclosure. Once the arrangement is made and you hand over the deed to your home, any outstanding balance on your mortgage is forgiven and you are legally free of obligation on that mortgage. Even though this still means you will have to surrender ownership of your home, a deed in lieu prevents a foreclosure on your credit record and therefore make it easier for you to obtain new housing arrangements in the future.

Foreclosure defense options such as loan modification, short sales, and deed in lieu arrangements can be very complicated, and it’s important to have a qualified legal representation to help you explore the best options for your particular financial situation. With a deed in lieu arrangement, the debtor is held responsible for handling the paperwork required to confer their home to their lender. A Los Angeles foreclosure defense lawyer can help manage the often-overwhelming paperwork and details of these cases. It’s also important to note that, just like other debt relief options, the IRS treats most of these forgiven debts as income and your tax burden can increase accordingly.

Experienced help with deed in lieu of foreclosure:

J. Arthur Roberts has been providing the Los Angeles area with quality foreclosure defense for over 15 years. He also has years of experience as a California licensed mortgage broker, and he could make the most of his experience in both law and real estate to help you mount the best foreclosure defense possible.

Don’t settle for amateurs. If you are considering foreclosure, or would like to know more about short sales, loan modification, or a deed in lieu, contact Los Angeles foreclosure defense lawyer J. Arthur Roberts for a consultation.