Deed in Lieu: Is This an Option for You?

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!

The Client Experience

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