Deed in Lieu of Foreclosure
Reliable Florida Foreclosure Defense Attorney
Are you facing a foreclosure on your property? You should speak with our
Florida foreclosure 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.
Contact our firm to learn more about your legal options today!
Definition of 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 judgement 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
Becoming eligible 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.
Haynes & de Paz, P.A. Can Stand by You During Your Deed in Lieu Process
As you might imagine, this process is complicated and having a dedicated
Florida 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 Florida foreclosure 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 & de Paz, P.A. call (888) 252-8754!