Minimization of Deficiency: If you owe more on your home than its current value, a deed in lieu can either eliminate or substantially reduce this deficiency.
Cash for Keys: Our Deed-in-Lieu of Foreclosure Program
Avoid Personal Liability with Deed in Lieu of Foreclosure
Our Deed-in-Lieu of Foreclosure program offers a dignified exit from challenging mortgage situations. By choosing a deed-in-lieu of foreclosure, you may avoid personal liability for any remaining balance on your mortgage, paving the way for a fresh start without the burden of lingering debt.
Our Cash for Keys Services
The essence of our cash for keys program is a straightforward transaction where you voluntarily transfer the deed of your home to us, and in return, we purchase the property from your lender. This transaction not only prevents foreclosure but also releases you from further mortgage obligations, which is especially beneficial if your mortgage is underwater.
Our program is designed to provide a win-win solution: you receive financial compensation, and we acquire the property amicably.
What Is a Deed in Lieu of Foreclosure?
A deed-in-lieu of foreclosure, also called key for deed program, is a mutual agreement where you voluntarily hand over ownership of your home to the lender as an alternative to the foreclosure process. This option can provide several benefits:
Deed in Lieu vs Foreclosure: What’s the Difference?
Understanding the difference between a deed in lieu and foreclosure is crucial:
Deed In Lieu Agreement
This is a mutual agreement where you and the lender acknowledge that you can no longer afford your mortgage payments. In exchange for the property, the lender releases you from your mortgage obligations and may offer financial assistance for property upkeep. This option has a lesser impact on your credit report compared to foreclosure.
Foreclosure Process
Foreclosure involves legal proceedings initiated by the lender to take control of the property. It significantly impairs your credit score and remains on your credit report for seven years. During this period, buying another home can be extremely difficult. Foreclosure is typically a longer and more costly process for both parties involved.
Before deciding, it’s advisable to consult with a professional to explore all options thoroughly.
Frequently Asked QuestionsAbout Deed in Lieu of Foreclosure
What are the benefits of a Deed in Lieu of Foreclosure?
The key benefits include minimizing or eliminating mortgage deficiency, potential financial assistance for relocation, and a reduced impact on your credit score.
How does it affect my credit?
While a deed in lieu does affect your credit, its impact is generally less severe and shorter-lived than a foreclosure. It appears on your credit report for four years, offering a quicker path to financial recovery.
How do I qualify?
Qualification for a deed in lieu of foreclosure depends on several factors, including your current mortgage status, the lender’s policies, and the specific circumstances of your financial hardship. Our team at Ohio 4CLOSURE can help evaluate your situation and guide you through the qualification process.
Make an Informed Decision for Future Success
At Ohio 4CLOSURE, we understand the complexities surrounding mortgage challenges and offer compassionate, practical solutions through our Deed-in-Lieu of Foreclosure program. If you’re facing mortgage difficulties and seeking an alternative to foreclosure, contact us to discuss how our program can provide a dignified and financially beneficial way forward.
How it Works: Our Process
Three Simple Steps
to Save Your Credit and Property
We ask seven questions so we can research your property.
We’ll schedule a meeting – virtual or in-person – to get more specific information and understand what your end-goal is.
We’ll meet with you again – virtual or in-person – to recommend the best solution for your situation and review the next steps to get started.
Schedule a Consultation614-687-1964