Riverside County Deed in Lieu 

A deed in lieu of a Riverside County foreclosure is one method of avoiding foreclosure if you can no longer make payments on your home, but have built up some equity in the property. For a deed in lieu, the bank accepts your deed and forgives the rest of the mortgage debt that you owe. You will no longer own your home, and will have to move out, however, you will not have a foreclosure on your credit report, and you may have a more generous timeline in which to move and find a new place in which to live than you would in a foreclosure.

While a Riverside County deed in lieu can prevent some of the negative aspects of foreclosure, there are other considerations that may come into play in terms of money you will owe as a result. One of these is income tax on the canceled debt. You may have to pay tax on the unpaid loan balance that is forgiven by the lender, unless your case meets specific guidelines. You may also have to pay for the transfer of property in a deed conveyance. While the latter is generally not costly, the amount of taxes on an unpaid mortgage debt can be quite high.

The decision to offer a deed in lieu of foreclosure is a serious one that should not be taken lightly. The experienced professionals at our Riverside County Bankruptcy Law Firm can provide you with solid legal advice and practical knowledge about how bankruptcy laws and foreclosure may be able to benefit you. Contact us today and schedule a free online Riverside County Bankruptcy case evaluation right away – the sooner you have quality legal representation, the more secure you will be in your decision to avoid foreclosure.