Deed in Lieu of Foreclosure

Foreclosure Defense Attorney in St. Petersburg, FL

If you are behind on your mortgage payments and are facing foreclosure on your home, you may be able to avoid foreclosure by giving up ownership of your home instead. If your lender agrees, you can turn over the deed to your property in a deed in lieu of foreclosure action, which allows both you and your lender to save time and money that might have been spent on litigation. An attorney at Boss Law can help you determine if this option would be beneficial in your situation.

Additional benefits of deed in lieu of foreclosure include:

  • Protection from having to pay money from a deficiency judgment
  • Cancellation of your home loan, which frees you from existing home debt
  • Protection of your credit report, which will not have to feature a credit-damaging foreclosure

Wondering if a deed in lieu of foreclosure is right for you? Schedule an initial consultation with Boss Law by calling (727) 800-4498.


How Does a Deed in Lieu of Foreclosure Work?

Homeowners who opt to try for a deed in lieu of foreclosure must sign several legal documents, including a quit-claim deed and an Agreement in Lieu of Foreclosure. The quit-claim deed conveys legal ownership of the property to the lender. The Agreement in Lieu of Foreclosure sets out the terms and conditions of the arrangement, and is signed by both the borrower and the lender.

Upon completion of these forms, the lender will mark the borrower’s note as “paid” and provide the borrower with two important documents: one which states that the debt has been cancelled, and another waiving the lender’s right to pursue the unrecoverable debt in a deficiency judgment. After the agreement is executed, the borrower is officially released from all obligations under the mortgage.

Keep in mind that there are two conditions under which lenders may be unlikely to consider a deed in lieu of foreclosure:

  • There are more than two loans on the distressed property
  • There is no verification of financial hardship

Speak With a St. Petersburg Foreclosure Defense Lawyer for FREE

With more than a decade of experience, the attorneys at Boss Law know what it takes to help struggling homeowners move forward efficiently and favorably. Deed in lieu of foreclosure is just one of many options available to help you restore you to a place of financial health. If a deed in lieu of foreclosure is not the best solution, our firm can also assist with debt settlement, bankruptcy filings, debt consolidation, loan modifications, or another course of action.

To get started, please fill out a brief online contact form and we will get back to you promptly.