How to do a deed in lieu of foreclosure is a foreclosure

A deed in lieu of foreclosure is a foreclosure prevention process that can be used when you are upside down on your mortgage and cannot afford to keep your home. You simply sign a deed transferring ownership of your home back to your mortgage lender in exchange for walking away owing them nothing on your mortgage balance. The deed in lieu is a mechanism used to avoid foreclosure that saves you and your lender the time and costs of having to go through a formal foreclosure process. It benefits you and your lender by saving on court and legal fees. It can also save your credit if negotiated properly.

  1. Call your lender’s loss mitigation department and tell them you are experiencing a financial hardship and can no longer afford to keep your home.
  2. Ask if they will accept a deed in lieu of foreclosure.
  3. Find out what other foreclosure prevention options you qualify for from your lender’s loss mitigation department and also by contacting a HUD Certified Counseling Agency or a real estate foreclosure defense attorney.Download your lender’s deed in lieu of foreclosure forms, complete them and submit them to the lender with a hardship letter and any financial information they require.
  4. Negotiate that the deed in lieu satisfies your mortgage balance and that the lender will not come after you later for a for the outstanding mortgage balance
  5. Request and negotiate with the lender that they report the transaction to the three credit bureaus as paid settlement or satisfied and ask them to remove any prior negative reporting from your credit report. Otherwise, they will report it as a foreclosure or deed in lieu of foreclosure, which stays on your credit for 7 years and lowers your credit score.
  6. Sign the deed in lieu of foreclosure back over to the lender. Hand them the keys to your home and walk away owing nothing.

Family Law

Experienced Attorneys Helping Clients Make Smart Decisions For Their Families

Going through a divorce or any family law challenge is an incredibly difficult and emotionally trying time in anyone’s life. Decisions made today in a divorce or family law proceeding can have long-lasting effects on parent-child relationships, family dynamics and your financial health. Especially during this difficult time, it is of the utmost importance to have a competent, professional and compassionate attorney on your side. At The Brooks Law Firm, we help our clients assess how a decision they make today will affect their families tomorrow.

With offices in Dallas, and McKinney, The Brooks Law Firm helps clients throughout Dallas, Ft. Worth and surrounding areas resolve their family disputes and move forward with their lives.

Family Lawyers In Dallas, Ft. Worth : Providing Comprehensive Family Law Advice

Dealing with the legal system is already stressful, when family disputes are thrown into the mix emotions run even higher.
Our attorneys take the time to learn about our clients and their families. Once we understand our clients’ specific family law issues and their goals for resolution, we develop a legal strategy to help them achieve those goals.
The legal system is complex. Every legal decision you make today has the ability to affect your financial health and family relationships for years to come. Decisions made during the divorce and separation processes will have long-lasting effects on the financial health of you and your family. Property division decisions as well as child support, spousal maintenance and alimony determinations dictate the type of lifestyle you will lead after your divorce is final.

Child custody and visitation decisions will not only affect the amount of financial support you are entitled to receive or obligated to pay, but may adversely affect the relationship you have with your child.
Domestic violence and child neglect accusations also influence child custody and visitation determinations. Our firm represents clients seeking orders of protection and also represents those wrongfully accused defend against neglect accusations.
At The Brooks Law Firm our attorneys also help clients prove and disprove paternity to get the child support and visitation time they deserve.

Our attorneys also help clients draft solid prenuptial agreements that protect their financial interests, help clients challenge the validity of prenuptial agreements, and defend clients’ prenups against invalidity claims.
When your family’s future is on the line, do not trust your case to just any attorney. Choose a law firm that actually cares about the outcome of your case, and the implications it has for you and your family. The decision to end a marriage, whether reached amicably or after heavy dispute, is never an easy one. No matter what path brought you to this decision, it is a difficult process to endure. For these reasons, it is absolutely essential to feel secure in the legal counsel you choose to represent you.