Legal Question in Real Estate Law in North Carolina
Foreclosure
attempting/wanting to file for extension of Foreclosure. I did some research and found the following document:
Deed in Lieu of Foreclosure. Can you tell me more about this document, its purpose, how it will help my situation and how much weight it will carry in Court and with the Mortgage company. Will this Deed in Lieu of Foreclosure benefit me?
1 Answer from Attorneys
Re: Foreclosure
This merely means that you give the house back to the mortgage company rather than face foreclosure and bad credit. You can sometimes talk to the bank and they will agree to take the house and not go through with foreclosure proceedings.
If you are interested in some alternatives to the deed in lieu of foreclosure or outright foreclosure, please e-mail me to discuss your problems further. This will carry no weight in court. Generally, there is no defense-you either pay what is owed or you lose the house and your credit.
Good luck,
Jim Griffin
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