Chicago, IL (PressExposure) September 25, 2009 -- /1888PressRelease/ Itâs no secret that the housing market is nearing rock bottom these days, and that many homeowners are losing their property to the foreclosure process. Due to the steady increase of job loss, more and more homeowners are unable to make their mortgage payments. And all it takes is one missed mortgage payment to get the foreclosure ball rolling. But the entire foreclosure process can be messy, expensive, embarrassing and depressing.
âFor homeowners unable to pay their mortgage, a deed in lieu of foreclosure can prevent a messy and expensive foreclosure proceeding from occurring,â the new InsuranceAgents.com article says. âBorrowers like the deed in lieu approach because they can get out of paying their mortgage with no strings attached.â
It probably wonât be hard for homeowners to set this deal up with their lenderâa deed in lieu of foreclosure gives lenders the benefit of a fast and easy way to gain control of the property. However, there is no guarantee that the lender will agree to the deed in lieu of foreclosure. Maintaining the flow of communication between homeowner and lender will promote the best possible outcome for both of parties.
For those homeowners who still hold out hope of finding a way to save their property, there are other alternatives than simply handing the keys over to a lender. A homeowner who has missed a mortgage payment and fears losing their home could try the following: â¢ Modify your home loan â¢ Set up a repayment plan â¢ Forbearance By doing one of the above, you can compromise and reason with your lender and may have a shot of keeping your home. If not, a deed in lieu of foreclosure can relieve you of the stress and headache that comes with foreclosure proceedings.
staff contribution: Meha Ahmad