Signing Over the Deed to Stop a Foreclosure Quickly

Most individuals that are facing the loss of their home are delaying the unavoidable and avoiding contact with their mortgage company for as long as possible, but it is important for consumers to understand that they do truly have options and that it is possible to stop foreclosure proceedings already if they are dangerously close. The negative effects associated with such a legal filing are not going to go away anytime soon and could already stay on a credit report for up to ten years. While it is easy to empathize with attempts to avoid any uncomfortable conversations with creditors, it is also basic that consumers realize that they are only hurting themselves by not being proactive with possible alternatives.

Few homeowners that are struggling with their mortgage payments and are facing harsh circumstances know that they can truly sign over the deed of their home and stop foreclosure quickly. Most people have a hard time believing that their lender will allow them to do so, but it is important to observe that most mortgagors will jump at an opportunity to avoid legal costs and court filing fees if at all possible. In addition, statistics have proven that individuals who utilize the deed in lieu of course of action are much less likely to seriously damage the home when they move. Mortgage companies, contrary to popular belief, are not out to harm their borrowers and are typically willing to help reach a method that will provide advantages to both parties.

The majority of consumers will attempt to stay in the home as long as possible, but this approach is almost certain to end in legal action and unwanted results. Signing over the deed can help reduce the negative impact to a credit rating or score and help the homeowners move on without having a shadow that will follow them around for up to 10 years. While the time of action of course must be approved by the mortgage company, it seldom is denied for appropriate reasons.

Dealing with foreclosure is certainly not a pleasant experience for homeowners, but it also doesn’t have to be painful. The good news is that there are professionals willing to provide advice and help consumers navigate by the difficult situation. There are alternatives and a person should not fail to probe them simply because they are embarrassed or ashamed. Bad things happen to good people and there are people who can help.

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