A deed in lieu of foreclosure may be an effective alternative to foreclosure. This is a process in which the borrower voluntarily gives the property over to the lender, after defaulting on a loan. When other options fail or are simply not possible, a deed in lieu may be the only way a borrower can avoid having a foreclosure on his or her credit report.

Contact a Florida foreclosure defense attorney at Carman Law Firm, PA today to discuss whether a deed in lieu of foreclosure may be a viable option for you. An attorney at our firm can sit down with you and answer your questions, address your concerns, review your financial situation and help you make the decision of whether a deed in lieu may help you. If that is not the best option for you, we can also assist you with a loan modification or short sale. Our attorneys’ main goal is to help you do whatever it is that is best for your future in the face of a foreclosure.

What Happens After a Deed in Lieu of Foreclosure?

After the borrower surrenders ownership of the property by way of a deed in lieu of foreclosure, the mortgage lender may then attempt to sell the property in order to recover part or the entire amount initially borrowed.

A deed in lieu of foreclosure is a legal process wherein the borrower and lender sign particular documents in order to transfer ownership of the property from borrower to lender, and cancel the debt. The lender will waive any right to seek unpaid debt if unable to recover the full amount owed through the sale of the property, and the borrower will be released from all liability to pay the mortgage. _______________________________________________________________________________________________________