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Deed in Lieu: Is This an Option for You?

Deed in Lieu of Foreclosure

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.

Find out if a deed in lieu is right for you. Contact our firm in Longwood to learn more about your foreclosure alternatives today!

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.

Eligibility for Deed in Lieu of Foreclosure

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 make sure that you have insight and professional guidance on both the legal side of things as well as on the tax and financial side of things.

Standing by You During the Deed in Lieu Process

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.

To set up your free consultation with Haynes Law Group, call (888) 252-8754!

The Client Experience

  • “Awesome”

    Cheryl Bergeron Titusville, FL
  • “Ben Haynes and staff are true professionals.”

    M.W.
  • “Call Mr. Haynes if you want someone who will fight for you!”

    T.S.
  • “You won me the full amount of my foreclosure surplus funds without having to pay any other parties!”

    J.M.
  • “Thank you Haynes Law Group for helping me recover my surplus funds. It was quick and fast.”

    P.H.
  • “Thank you for always keeping communication with me, for your professionalism and accuracy.”

    M.E.
  • “I wish to thank you personally and in behalf of my parents.”

    B.W.
  • “Thank you for helping us through a very tough time!”

    S.K.
  • “Very pleasant and polite.”

    Chris Miami, FL
  • “Mr. Haynes won my foreclosure surplus case and collected nearly $40,000.00 for me!”

    C.D.
  • “Because of you amazing representation, I was able to get the EXACT outcome I was hoping for!”

    C.R.
  • “I would highly recommend Mr. Haynes and his firm as they are brilliant young lawyers with great attention to detail.”

    A.M.
  • “Ben and his team of lawyers are the best of them all!”

    J.M.
  • “I truly appreciate it, truly the GOLD standard of service from you and your office!”

    R.W.
  • “I would highly recommend your legal assistance to anyone in need of a expert to get the job done!!”

    Pam

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