Orlando Deed In Lieu of Foreclosure Attorney
If you are behind on mortgage payments and are in fear of losing your home, it is natural to feel stressed, upset, and wonder what the future holds. Fortunately, there are options available that can help you avoid the foreclosure process. A deed in lieu of foreclosure is one of these.
A deed in lieu of foreclosure is when a homeowner transfers ownership of their home to the lender voluntarily to satisfy a mortgage debt. A deed in lieu of foreclosure has many benefits for both the borrower and the lender. It is always advised that you work with an Orlando deed in lieu of foreclosure attorney who can help you through the process.
Benefits of Deeds in Lieu of Foreclosure
Both borrowers and lenders can benefit from a deed in lieu of foreclosure. For borrowers, a deed in lieu of foreclosure can provide a way out of a mortgage they can no longer afford. If you are facing foreclosure, a deed in lieu can also help you protect your credit score. While the defaulted mortgage payments will still appear on your credit report, this is not as damaging as having a foreclosure listed with the credit reporting bureaus. Florida is also a judicial foreclosure state, so a deed in lieu of foreclosure will allow you to avoid this lengthy process.
Lenders can also benefit from a deed in lieu of foreclosure. It can help them avoid costly legal fees of starting the foreclosure process, and they can resell the property sooner than they could through foreclosure.
The Process of Obtaining a Deed in Lieu of Foreclosure
There are many steps in the deed of lieu in foreclosure process. These are as follows:
- Initiation: The process begins when you tell your lender you want to pursue a deed in lieu of foreclosure.
- Lender assessment: Your lender will evaluate your financial situation, the value of your property, and other details to decide if a deed in lieu of foreclosure is practical.
- Negotiation: If your lender agrees to the deed in lieu of foreclosure, you will start negotiating with them to address and resolve the details of the deed in lieu.
- Documents: Your lender will draft a number of documents both parties will sign, including a warranty deed transferring ownership of the property, as well as a deed in lieu of foreclosure agreement.
- Transfer of property: Once the documentation is complete, you will transfer the title of the property to the lender. It is then recorded with the proper county office and becomes public record.
- Resolving debt: Depending on your deed in lieu of foreclosure agreement, your outstanding mortgage debt may be forgiven, or your lender may move forward with a deficiency judgment for any debt that is not covered by the value of the property.
Call Our Deed in Lieu of Foreclosure Attorney in Orlando Today
If you are behind in mortgage payments and are worried about foreclosure, a deed in lieu of foreclosure may be right for you. At Florida Law Advisers, P.A., our Orlando deed in lieu of foreclosure attorney can help you through the process so you obtain the best possible outcome. Call us now at 1 (800) 990-7763 or contact us online to schedule a consultation and to learn more.