Deed in Lieu of Foreclosure
A deed in lieu of foreclosure is basically exactly what it sounds like. You give the deed, the bank doesn't foreclose. It is sort of like surrendering to the bank in order to immediately end your obligations. In some cases you may be able to get the bank to agree to "cash for keys". In this instance the bank will offer a payment when the house is vacated by a certain date and in good condition.. Other benefits include:
- Any current foreclosure proceedings are ended
- You will be able to purchase another home in the future
- A deed in lieu on your credit report is better than a foreclosure
Another important consideration is whether the bank will be able to pursue you for a deficiency judgment, or the balance still owed after the sale proceeds are applied to the loan. Your attorney should make sure this does not happen.
Before a lender agrees to a deed in lieu, you will be required to put your house up for sale through a real estate agent for a minimum of 30 days. A Deed in Lieu can be difficult or impossible if there are other liens. David Holland, an experienced debt defense attorney can explain the deed in lieu procedures in more detail and represent you in discussions with your lender.
Sarasota and Manatee Deed in Lieu Attorney
Deciding what to do when you are behind on your monthly payments and can no longer meet your financial obligations often requires the help of a legal professional. Our office has many years of experience assisting people in debt, and can explain all of your foreclosure and debt relief alternatives. We have helped clients with a deed in lieu, as well as loan modification and bankruptcy.
Every situation is unique and should be thoroughly reviewed and all your options explored before any final decisions are made. Our firm offers a free consultation where you can receive legal advice regarding your situation. Contact the Holland Law Group for legal counsel and representation if you are in financial trouble and behind on your mortgage.
Don't delay another day, click here to schedule a free consultation or call us today @ 941-306-3601