Auto Accident & Foreclosure Defense Lawyers of Orlando
Deed In Lieu of Foreclosure
Are you facing foreclosure on your Orlando home and just want closure? Prior to a foreclosure judgment being rendered, your best option may be to give the property up entirely and start anew with a deed in lieu of foreclosure.
A deed in lieu of foreclosure is one of three Florida foreclosure alternatives that the government actually encourages borrowers and lenders to pursue. What’s the incentive of this foreclosure alternative? It immediately releases the borrower from most or all of the personal indebtedness associated with the defaulted loan. As the borrower, if you and your lender can come to terms, your mortgage loan is canceled in exchange for the deed to your house, which makes the lender the new owner of your Orlando property.
A deed in lieu can allow the defaulting borrower to get out from underneath the cloud of an impending foreclosure in Florida and avoid the strain and heartache of the long, drawn out Florida foreclosure process. Unlike foreclosure, the legal procedures for deeds in lieu are less extensive and therefore, you can move on with your life much faster. In addition, new Fannie Mae guidelines state that homeowners may qualify for a new mortgage in as little as two years after a deed in lieu of foreclosure, compared to three or more years for foreclosure.
Overlooking the smallest detail for a deed in lieu of foreclosure, such as failing to obtain a “waiver of right to deficiency judgment” can result in severe financial implications. That's why it is imperative to contact an Orlando foreclosure attorney to assist you with this process. Call 407-883-2618 to get in touch with one of our Orlando foreclosure lawyers at The Freedom Law Firm today. Call anytime, day or night!
We want to help you!
All initial consultations are completely free and we contact you the same or following business day!
Attorneys Charles W. Franklin & Michael Stites The Freedom Law Firm, P.A.