Are there any alternatives to foreclosure? The answer is yes. You can sell the property and pay off the mortgage, which is if the mortgage is more than what the property is worth, that’s called a short sale. Another method of doing this is to give a deed back to the lender. This is called a deed in lieu of foreclosure. These are primary ways of avoiding a foreclosure, alternative to foreclosures, and it’s recommended by if you’re a lender, a private lender, and you wish to take back the property is to try and work out something with the borrower wherein they would convey the property back to you with the deed in lieu of foreclosure.
If you have any questions, email me at Q@RDWaller.com about this topic or any topic. On social media, it’s #WallerLegal. Or give me a call at 727-847-2288.