A Loan Modification Is A Better Alternative than Deed Lieu of Foreclosure

29.12.2011 | Author: nina8383947 | Posted in Loans
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With foreclosure rates remaining at record highs, a sizeable amount of homeowners are understandably very concerned about what they can do to protect themselves from having to go through the traumatic process of losing their home to foreclosure.  Some people have attempted to short sale their home as a way to avoid foreclosure, which has a very miniscule success rate.  This has led people to attempt to avoid foreclosure by entering into an agreement with their lender known as a deed lieu of foreclosure.

A deed lieu of foreclosure is where the deed to your property is given over to the bank in order to avoid foreclosure proceedings.  The appeal of this process is that the borrower is able to avoid the public stigma that accompanies a foreclosure auction.  It also does less damage to the credit score of the borrower and can give more favorable terms than what the borrower might receive in a formal foreclosure proceeding.

While this can be beneficial to a lot of people, there are other options available that can help you stop foreclosure other than short sale or deed lieu.  A loan modification could be just what you need to make your monthly payments more affordable so you don’t have to worry about losing your home.  The only trouble is mortgage modification approval rates are also incredibly low – around 20% – because lenders simply don’t have any incentive to help you keep your home.  They make more money by keeping you in a predatory loan for as long as possible, then reselling your home after foreclosing on it.

By working with a qualified loan modification attorney and using a solution such as a forensic loan audit, you raise your chances of being able to negotiate with your lender for a loan modification that can adjust the terms of your mortgage to a more reasonable and affordable amount.

Many mortgages have violations at the state and federal levels, and may have been improperly securitized which means that these lenders cannot legally foreclose on your home.  If these violations are discovered as part of a forensic loan or securitization audit, this could give you the evidence you need to take legal action against your lender and keep you from handing the deed to your property over to the bank with a deed lieu.

This is why if you need foreclosure help, you should not hesitate to contact Tila Solutions to give you the foreclosure help you need.  For over a decade, Tila Solutions has been looking out for the homeowner with their forensic loan audits and securitization audits.  If you need help stopping foreclosure, a Tila Solutions Consultant is available by telephone at (702) 508-0335.  Or you can visit the Tila Solutions website at deed lieu

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