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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 You Should Know About a Deed in Lieu of Foreclosure

Typically, a deed in lieu of foreclosure is a transaction that is mutually consented to by you and your 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.

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

  • “I highly recommend Mr. Haynes to assist in your surplus funds case... my review is just one of the many that can vouch for his remarkable professionalism and services. You honestly won't regret it.”

    J.D.
  • “You have exceeded our expectations”

    Jeff & Nancy
  • “I had a serious situation that needed to be taken care of within 5 days.”

    S.R.
  • “My wife and I are so thankful for the help of Benjamin Haynes of Haynes Law Group.”

    R.C.
  • “The most important word we can share regarding our experience with Mr. Haynes and Mr. DePaz is......compassion.”

    R.S.
  • “I personally do not plan on going through this again; however, if I know someone else who is, I would definitely recommend Benjamin Haynes for their case.”

    K.D.
  • “Thank you for helping me achieve a positive resolution.”

    Veronica
  • “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.
  • “You guys really are the best!”

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

    R.W.
  • “I would highly recommend Attorney Haynes if the need arises!”

    W.B.
  • “The law firm of Haynes and De Paz provided me with the best possible outcome in my case.”

    D.M.
  • “Haynes Law Group are great, I highly recommend them!”

    E.I.

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