What Is A Deed In Lieu Of Foreclosure?
During the Florida Foreclosure process, the Florida homeowner may be given the option of a Deed in Lieu of Foreclosure. A Deed in Lieu of Foreclosure occurs when the Florida homeowner gives the title of their property back to the Bank or mortgage company in exchange for the Bank not moving forward with the Florida Foreclosure process.
The potential benefits of the Deed in Lieu of Foreclosure is that the Bank may waive their right against a deficiency or deficiency judgment against you. This means that the Bank will waive their right to come after you for any further monies due as a result of the Florida homeowners breach of the loan documents. A Deed in Lieu of Foreclosure may also provide the Florida homeowner with the ability to receive moving costs from the Bank that will allow the Florida homeowner to relocate, and the Bank will likely dismiss the foreclosure action at that stage. The availability of this option is exclusively determined by the Bank however, this option allows the Bank to save further costs by litigating a long expensive Florida Foreclosure lawsuit.
If you are a homeowner and are interested in attempting to negotiate a Deed in Lieu of Foreclosure, contact 954 Foreclosure Attorneys today at 954.237.7740. We have Foreclosure Defense Offices in both Broward and Palm Beach County in order to better serve our Foreclosure Defense clients.