Avoiding Foreclosure on Your Home in Tampa or St. Petersburg
Dion R. Hancock, P.A. is a Tampa Bay, Florida bankruptcy and foreclosure defense law firm that can assist you with the deed in lieu process. You can be confident that your case is in good hands when you turn to our well qualified attorneys. As a Florida Certified Mortgage Foreclosure Mediator and a Certified Circuit Court Mediator, Dion Hancock understands how foreclosure proceedings work and how to best protect the homeowner’s best interests.
What is deed in lieu of foreclosure?
A deed in lieu of foreclosure occurs when a homeowner voluntarily gives the lender the title of his or her home in order to satisfy a mortgage that has entered into default. The foreclosure alternative benefits both parties, as it saves the creditor the time and money that would be spent on the pursuit of foreclosure proceedings. In addition to that, the homeowner will not have foreclosure in his or her credit history.
It is important for mortgage borrowers to ensure that the deed in lieu of foreclosure actually satisfies the full mortgage debt obligation. It is common for there to be a deficiency on the home, meaning that the fair market value of the property is lower than the mortgage debt amount. In that case, the lender may try to sue the previous owner for the difference after the deed in lieu is completed. A tenacious Tampa foreclosure attorney may be able to help you negotiate a deal with your mortgage lender so that you can simply walk away from your debt without having to worry about a deficiency judgment.
Some of the benefits to a deed in lieu of foreclosure include, but are not limited, to the following:
- This alternative looks better on a credit report than a foreclosure.
- You may be able to avoid the hassle of selling your house, which you would have been required to do in a short sale.
- This option is a voluntary decision in which you have the opportunity to negotiate terms.
- You are freed from your mortgage debt.
Learn About Your Options in a Free Consultation
If think you may benefit from a deed in lieu of foreclosure, I invite you to discuss your options with me in a free case evaluation. I can help you determine if a deed in lieu is the best choice for you and your family. If you decide to take that route, I will guide you through each step of the process. My legal practice has been tailored to assist clients with various types of foreclosure and bankruptcy needs.