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Stop Alaska home foreclosure: deed in lieu of sale as an option

If you are struggling to pay your mortgage and want to stop Alaska home foreclosure, Deed in Lieu (DIL) of foreclosure may be your best option.

stop Alaska home foreclosure deed in lieuIf you are struggling to pay your mortgage, you may have decided that you want to try to get out of the mortgage prior to going into foreclosure. As a means to stop Alaska home foreclosure, Deed in Lieu (DIL) of foreclosure may be your best option. A deed in lieu is less damaging to your credit than a foreclosure.

Under a deed in lieu of sale, you give the title and property back to the lender. There are many reasons to stop an Alaska home foreclosure with a deed in lieu. You may have an unsuccessful short sale or pre-foreclosure sale. Or your lender may refuse to do a short sale. If you owe more on your mortgage than your home is worth, you have few options to avoid foreclosure and save your home.

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Although it is a common belief about the DIL your home must be in foreclosure for a bank to agree to this type of arrangement, the truth is that you do not have to be in default for a deed-in-lieu to be considered. You may talk to your lender about a DIL before you are in default. Even if proceedings have begun, many lenders are still open to the discussion of a deed in lieu of sale in Alaska. If a bank believes that it is a profitable decision to accept an Alaska foreclosure deed in lieu, it will usually do so. However, the bank might reject the DIL request if you have other encumbrances on the deed, such as tax liens and judgments.

When considering a deed in lieu of sale in Alaska, it is important to bear in mind that even if the bank agrees to the transaction, your credit will still be affected. The effect is not usually as damaging as a traditional foreclosure, but it will still have a negative impact. If you want to stop an Alaska home foreclosure, deed in lieu is an option that is worthy of close consideration but one that should not be entered into lightly. If you need to research your home value or find a local real estate agent, go to Reply!

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