Florida Real Estate Attorney Drafting Deeds in Lieu of Foreclosure
Individuals facing foreclosure in Florida may not realize the options available to saving their home. If you are looking for alternatives to foreclosure, there are several different types of legal documents or plans that may work for you. One of these options is called a deed in lieu of foreclosure.
There are several types of mortgage defenses. Typically, when your home is facing a foreclosure, you may attempt a loan modification with your lender. If they refuse or are unable to reach an agreement with you, then we may try a short sale. If the bank is unable to sell the house in a short sale at a reasonable price, they may allow you to seek a deed in lieu of foreclosure.
How You May Be Able to Stay in Your Home
What a deed in lieu of foreclosure allows you to do is to hand over the title of the property to the bank. In return, they would accept the deed as full settlement of your debt. If we cannot reach an agreement to sell the property short, the bank may allow you to set up some kind of rental payment that would allow you to remain in the home. It can be tricky to convince your lender to accept this offer. From the bank’s perspective, this is typically a last resort.
At the Law Offices of Larry E. Bray, P.A.,, we understand real estate law. We know how to work with the banks and mortgage lenders to come to successful agreements for both parties. We also know how to litigate, which can give us the time we need to negotiate and the leverage we need to get favorable terms.
Why the Attorney You Choose Is So Important
Only an experienced real estate attorney understands the true differences between the release of a lien on the property and a full release of your debt. Without the full release of your debt, the lender can still resort to a deficiency judgment against you to obtain the rest of the money that you owe. Hire an experienced lawyer to help you negotiate a successful loan modification or short sale with overall terms which are favorable for you in the short and long term.
If you are looking to avoid foreclosure with your lender and would like more information about how a loan modification, short sale or deed in lieu of foreclosure might work for you, contact the experienced real estate attorneys at the Law Offices of Larry E. Bray. We offer three convenient locations within Palm Beach County.
