- As a property owner, you are released immediately from the debt owed and are able to avoid the normal proceedings that come along with the foreclosure process.
- It can benefit a lender as it helps them avoid the expensive court proceedings if the foreclosure is done through a judicial sale, the lengthy foreclosure process and the repossessions they must go through to get their money back.
In the event your home is worth less than what you owe and you are looking to use a deed in lieu of foreclosure, your lender can still pursue you for the remaining amount of debt. Therefore, using a deed in lieu of foreclosure might not be the best circumstance for all homeowners who have defaulted on their mortgage payments.
To learn more about this and other ways to handle a defaulted mortgage situation, speak with one of our top of the line foreclosure attorneys in West Virginia today. They can address any concerns you might have and provide you with all your alternatives to foreclosure.
Does Your Home Have an Acceleration Clause?
Depending on the terms written in your mortgage agreement, there might be an acceleration clause that would allow a lender to pursue you for the entire defaulted amount once you miss a payment. This is recognized as an acceleration clause and you may want to read into your agreement with your lender to see whether or not it applies to you.
In many cases, lenders are ultimately looking to receive the payments that are due and they are willing to negotiate on the terms of how that gets paid back. But, you must keep in contact with them and don’t avoid their phone calls.
Although it can be nerve racking and uncomfortable to know that you might lose your home to foreclosure, there are ways around it and our West Virginia foreclosure attorneys can explain all of this and more to you. Simply give us a call and one of our agents will work with you to help you locate a nearby foreclosure attorney in your city who is available to provide you with their legal expertise. We offer this assistance free of charge and our featured lawyers will also provide you with a free, no-obligation consultation where you are given the opportunity to explain your matter.
There are many legalities that come along with the foreclosure process and we want to assure you are aware of what they all are.