Deed in lieu of Foreclosure

A deed in Lieu of foreclosure is when the bank takes ownership of the property without going through the formal foreclosure process.

 

How does A Deed in lieu work?

A deed in lieu of foreclosure is a negotiated arrangement that is struck with the institution where the title passes back to the bank with total of debt forgiveness.This process usually only works when there is only one mortgage on the property.

We need to prove to your financial institution that you can no longer afford to pay for your mortgage by providing them with the following documentation.

 

HAFA Program:

 

HAFA - or Home Affordable Foreclosure Alernativeis a government program that many financial institutions are working within toto streamline the deed in lieu process. There are certain qualifying criteria.

 

Click on the informational link for additional information

 

House for sale

 

 

 

We need to prove to your financial institution that you can no longer afford to pay for your mortgage by providing them with the following documentation in order to be considered for a deed in lieu.

 

1. A hardship letter

2. Two most recent tax returns

3. Three months of most recent bank statements

4. Three months of recent pay stubs

5. Letter of authorization

6. Two months of mortgage statements

7. Financial worksheet



Informational Links

Making Homes Affordable In this section, you will find the Governments assisatnce to home owners in distress,
HAMP

In this section, you will find details about the Government's Home Affordable Mortgage Program.

HARP

In this section, you will find details of the Government's Home Affordable Refinance Program.

HAFA

In this section, you will find the guidelines to the Government's new Home Affordable Foreclosure Alternative program.

Connecticut Judicial Website

Visit the judicial webiste to get the status on current judical matters such as foreclsoure and pensing litigation.

Connecticut Bankruptcy Process Visit our Bankruptcy Website to find out if bankruptcy is right for you.