Deed in Lieu of Foreclosure

As a former bank attorney, Ms. Valdes counseled some of the country’s largest banks and loan servicers on all aspects of the foreclosure process and helped her former clients resolve numerous cases by way of a deed in lieu of foreclosure all throughout the State of Florida, including Broward, Miami-Dade, and Palm Beach counties. Now, Ms. Valdes is focused on helping homeowners who are facing foreclosure and finding solutions that best fit each homeowner’s individual needs. If you are facing foreclosure and are contemplating a deed in lieu, contact Valdes Law Firm, P.A. online or by calling (954) 764-7878 to schedule your free consultation. Hablamos español.

Foreclosure will have a significant negative effect on your credit score and should be avoided. A deed in lieu of foreclosure is another alternative to foreclosure, but is usually only accepted by the bank as a last resort. Stated simply, a deed in lieu of foreclosure means that you voluntarily give the bank a deed to your property in order to avoid foreclosure.

If the bank agrees to accept a deed in lieu, any pending foreclosure proceedings are dismissed. A deed in lieu of foreclosure is best carried out with the help of a foreclosure defense attorney with experience in arranging this type of solution. Before the bank will agree to a deed in lieu of foreclosure, the bank will usually require you to explore other alternatives first. For example, the bank may require you to apply for a loan modification and be denied, show that you are facing a long-term hardship, and/or show that you have unsuccessfully attempted a short sale before agreeing to a deed in lieu of foreclosure. The bank may only consider a deed in lieu of foreclosure if there are no junior liens or if the junior liens are owned by the same bank. The bank will likely not want to assume the liability of junior liens, especially those that are not owned by it. Therefore, the bank may prefer to foreclose on the property in order to obtain clean title to the property. A deed in lieu of foreclosure requires a lot of guidance and Valdes Law Firm, P.A. can guide you through this process and help you obtain a deed in lieu of foreclosure if it is the best solution for you. Contact us online or by calling (954) 764-7878 to schedule your free consultation. Hablamos español.