Deed In Lieu
A deed in lieu of foreclosure in Florida is a method used by the lien holder of a property to have the ownership interest transferred to the lien holder (the lender), to satisfy a loan that is in default and avoid foreclosure proceedings.
Florida homeowners qualify for a deed in lieu when:
1: The homeowner is at risk of default without qualifying for additional options
2: The homeowner attempted to sell the home but was unsuccessful in doing so
3: The homeowner does not have another mortgage in default
The Deed in Lieu of foreclosure in Florida is one of the four options available to the debtor. The Deed in Lieu is when the debtor has determined they must give up their property voluntarily to the lender as a result of no longer being able to afford or pay the loan installments. The lender then removes the remaining mortgage from the borrowers’ name. This process is conducted by mutual consent of the debtor and the lender. The Deed in Lieu of foreclosure in Florida is a legal deed, recorded for public record in the county court.
The attorney at Florida Foreclosure Law Group will work diligently to help make and get you back on track to keep you in your home. To receive your free consultation, call Florida Foreclosure Law Group today at (888) 344-8287 or contact us here
Advantages of Deed in Lieu of Foreclosure
The deed in lieu of foreclosure in Florida has several advantages over the foreclosure process. The main advantage is that it immediately releases you from most or all of the personal indebtedness associated with your defaulted loan. You can also avoid the public notoriety of a foreclosure proceeding and may receive more generous terms than from a formal foreclosure. Another benefit to the borrower is that it affects their credit less than a foreclosure.
With a deed in lieu of foreclosure in Florida, you are able to sell your home back to the bank and thereby preventing a foreclosure from taking place. This is often the quickest and least expensive way to settle a foreclosure.
**Florida Foreclosure Law Group can help you complete a Deed in Lieu of Foreclosure in order to ensure your future financial independence.** Call us at 877-783-5986
The deed in lieu of foreclosure in Florida cancels a mortgage and transfers a property. The property holder is responsible for state deed tax. The tax is calculated based on the actual market value of the property and the remaining mortgage balance with the addition of the lien(s) removed from the property from the deed in lieu of foreclosure in Florida.