According to the Mortgage Bankers Association, 250,000 new families enter into foreclosure every three months. In the Chicago area, if you are overwhelmed by mortgage debt, you may consider a deed in lieu of foreclosure (DILF). It’s a legal device which lets you turn the deed of your house over to the lender and avoid a foreclosure on your credit report. The lender will require substantial documentation: tax returns, bank statements, and a hardship verification letter. If you’re struggling with mortgage debt, call and speak with an experienced Chicago foreclosure attorney at the Bentz Holguin Law Firm immediately. A good Chicago foreclosure attorney can help you decide if a deed in lieu of foreclosure is appropriate for you and in your best interests.
WE WORK WITH LENDERS
While a DILF may be right for you, your lender must agree to it as well. A DILF relieves the borrower of existing mortgage debt, protects the borrower from deficiency judgments, and saves the borrower from home foreclosure. A DILF spares the lender from costly foreclosure proceedings and litigation, but for lenders, the disadvantages of a DILF may outweigh the advantages. A good Chicago foreclosure attorney at the Bentz Holguin Law Firm can work with your lender to determine if a deed in lieu of foreclosure is appropriate and to identify other options. Our considerable knowledge and experience in real estate and foreclosure law will help you achieve the best possible outcome.
HELP FOR HOMEOWNERS
If you face home foreclosure in the Chicago area, the Chicago foreclosure attorneys at the Bentz Holguin Law Firm handle your case personally. You aren’t shoved over to an assistant, and you never become just another case number. The Bentz Holguin Law Firm maintains the highest professional standards; provides quality legal services at a reasonable cost; and works with all parties involved to bring your real estate concern to its best possible resolution. Contact the Chicago foreclosure attorneys at the Bentz Holguin Law Firm today and schedule a free consultation online or call 312-647-2116.