North Dade, FL (PressExposure) May 19, 2009 -- Borrowers in despair over their mortgages facing foreclosure may still save their credit reports from foreclosure and its processes and fees through Deed-In-Lieu agreements. Law firms offering credit assistance such as the lucas law center [http://lucaslawcenter.com/index.html] expertly help their clients avoid property foreclosure, guiding their clients through the steps of processing Deed-In-Lieu of Foreclosure agreements.
A Deed-In-Lieu of Foreclosure agreement is an option of last resort wherein a borrower freely deeds collateral property in exchange for absolution from mortgage obligations. It offers advantages to both the borrower and the lender. Deed-in-Lieu agreements hurt borrowers' credit reports less than a foreclosure does, while lenders get a substantial reduction in the time and cost of a repossession. Deed-In-Lieu agreements may only be accepted if a mortgagor is able to substantiate their incapacity to finance their mortgage payments. This requires completion of a financial package and the provision of a copy of the borrower's recent active listing agreement. Law firms the likes of the law offices of Paul J Lucas [http://lucaslawcenter.com/faqs.htm] meticulously guide clients through these information in order to process a Deed-In-Lieu of Foreclosure agreement.
Upon incurring long term financial hardship with the property being on the market at fair market value for at least 90 days, borrowers are eligible for a deed-in-lieu of foreclosure agreement. Additional claims or liens other than the mortgage against the property would also disqualify a mortgagor for a deed-in-lieu agreement. Once a borrower is approved of a deed-in-lieu, the borrower would be giving up all rights to the property and the property is consigned to the investor. In turn, the mortgagee may relinquish all deficiency judgment rights.
Law groups assisting in mortgage agreements strive to reach a verdict wherein both parties are satisfied. Contacting the right people within the lenders' offices, expert law groups such as lucas law [http://lucaslawcenter.com/faqs.htm] resolve borrower issues with their lenders efficiently, making the most logical decisions advantageous for both parties.
With the hassles of having a tarnished credit report, it is integral that foreclosure is avoided at all cost. Assistance by expert law groups such as the law offices of Paul J. Lucas is crucial in dealing with agreements working against property foreclosure such as a Deed-In-Lieu.