Question: I have been rejected for a loan modification. Should I do a deed-in-lieu? If I take that option, can I continue to live in my home?
Response: The idea behind doing the deed-in-lieu of foreclosure is that the borrower transfers the ownership of the home to the bank, thus, wiping out the entire mortgage debt. Some banks even provide a financial incentive for the borrower to do so. The reasoning behind it is that the non-paying owner leaves, allowing the bank to try to re-sell the property, and this way, earn some, if not, all of its money back. As such, you cannot continue to live in the premises unless specifically agreed so with the lender.
In the legal blog, Attorney Svetlana Kaplun addresses typical questions our firm has received from our clients, or come across from homeowners related to foreclosure, foreclosure defense, loan modification and bankruptcy topics. The information contained in the legal blog of Attorney Svetlana Kaplun is for informational purposes only, and should not be construed as a legal advice on any subject matter. Please read our full disclaimer or contact the Law Office of Svetlana Kaplun, P.C. by telephone at 718-444-1115 for more information. Copyright © 2012 Law Office of Svetlana Kaplun, P.C.
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