Deed In Lieu of Foreclosures
An available remedy to a delinquent mortgage or a foreclosure lawsuit is to offer a deed in lieu of foreclosure. By offering a deed to the property in lieu of foreclosure you are asking the bank to release you from any and all amounts due on the mortgage. In today’s economy, many if not most property owners owe much more to the bank than what their property is worth. Thus, it is imperative that if a deed is proposed to the bank that any additional amounts due are deemed satisfied.
The bank will conduct an extensive review of many items such as:
- Market value of the property.
- Whether this is an “arm’s length” sale to a third party.
- The financial situation of the seller/borrower.
- Estimated costs to litigate a foreclosure.
- Estimated time to foreclose.
- Carrying costs related to the property.
With a successful deed-in-lieu agreement, a homeowner may be able to “walk away clean” from a property that is worth less than the amount due on the mortgage.
Plotkin Law Firm, P.A. works to provide personalized deed in lieu of foreclosure services to clients throughout South Florida.
Contact us today for a free consultation.