Deed in Lieu of Foreclosure in Orlando
Secure a Deed in Lieu of Foreclosure in Florida
Are you facing a foreclosure on your property? You should speak with our attorneys right away to see if a deed in lieu of foreclosure is a viable alternative to foreclosure.
Mr. Haynes has handled thousands of foreclosure cases on behalf of our clients, and we make ourselves available to our clients because we understand how much is on the line when you are in danger of defaulting on your loan and potentially losing your home. Trust us to find the best possible solution to your foreclosure dilemma.
How Does a Deed in Lieu of Foreclosure Work in Florida?
A deed in lieu of foreclosure in Florida is when a homeowner transfers ownership of their property voluntarily to the lender to satisfy the mortgage debt.
Here's how it Florida Deed in Lieu of Foreclosure works:
- 1. Initiation: The homeowner expresses interest in pursuing a deed in lieu of foreclosure to the lender, either directly or with professional assistance.
- Lender evaluation: The lender assesses the homeowner's financial situation, property value, and other factors to determine if a deed in lieu of foreclosure is feasible, considering any other liens or encumbrances on the property.
- Negotiation: If the lender agrees, negotiations occur to establish terms and conditions, addressing debts, deficiency judgments, and other relevant aspects.
- Documentation: Both parties prepare and sign legal documents, such as a deed in lieu of a foreclosure agreement and a warranty deed transferring property ownership. These documents outline rights and responsibilities.
- Property transfer: After completing the documentation, the homeowner transfers the property title to the lender, which is recorded with the appropriate county office as a public record.
- Debt resolution: Depending on the agreement, the lender may forgive the remaining mortgage debt or retain the right to pursue a deficiency judgment for outstanding debt not covered by the property's value.
It is advisable to work with an experienced foreclosure attorney at our Florida law firm to learn more about the laws and regulations surrounding a deed in lieu of foreclosure.
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As you might imagine, this process is complicated and having a dedicated foreclosure attorney to help can save you considerable time and relieve you of the anxiety of completing any part of it incorrectly. If you are in danger of having your home foreclosed upon, you need to reach out to our foreclosure defense attorneys as soon as you can to see if a deed in lieu is right for you.
What is a Deed in Lieu of Foreclosure in Florida?
Typically, a deed in lieu of foreclosure is a transaction that is mutually consented to by you and your mortgage lender. Ideally, after you have complied with the lender's requirements and after they have had time to evaluate and deliberate your circumstances, they will agree to take back the piece of real estate instead of suing you or foreclosing to get the property title.
This will often fulfill the debt from the mortgage after the property is handed over, if not you may be liable for the deficiency. Although this might sound straightforward, the process can be significantly more complicated.
For example, the lender reserves the right to seek a deficiency judgment against the homeowner or borrower. Additionally, the lender has the right to come after you for unpaid debt, unless otherwise stipulated in your Deed in Lieu of Foreclosure agreement.
Find out if a deed in lieu is the right foreclosure alternative for you. Call our Longwood foreclosure attorneys will help you with every step of the Florida home foreclosure process.
Qualifying for a deed in lieu of foreclosure agreement is not an easy process. Before the lender will even consider this option, you must meet specific criteria.
These criteria include the following:
- You must have suffered the loss of your job, significant illness, divorce or another hardship.
- The property in question must be your "homestead", not an abandoned or investment property.
- You must have actively explored and exhausted all other options and financial resources available to you.
- The property in question must have been on the market between 90 and 180 days.
- The property must not have any other liens.
- The property must be in good condition; you may have to provide inventory and a statement of condition.
It is worth noting that a deed in lieu of foreclosure will impact your taxes significantly. It's important to ensure that you have insight and professional guidance on both the legal side of things and the tax and financial side of things.
Call Our Deed in Lieu Attorney
Contact our lawyers for a Deed in Lieu of Foreclosure in Florida when you need help navigating foreclosure alternatives. Call 888-252-8754 today!