Fort Lauderdale homeowners facing foreclosure might consider the deed in lieu process option. In fact, when a short sale is not doable, a Fort Lauderdale deed in lieu attorney may very well be the answer.

What is a Fort Lauderdale deed in lieu?

In exchange for the release of a mortgage, a deed in lieu allows a homeowner to transfer the property in default to the lender.

Doing so helps the owner resolve the delinquency and avoid foreclosure. Also, the bank is likely to forgive any remaining deficiency (money owed) after the property is sold.

For those facing foreclosure, it is beneficial to have an experienced Fort Lauderdale deed in lieu attorney help navigate these treacherous waters; The Herman Law Group will work to meet your needs and obtain the results you deserve.

How can a Fort Lauderdale deed in lieu lawyer help?

The first step is to understand your goals and needs. From there, we can address whether or not the deed in lieu route makes sense for your situation.

If you are facing any of the following, it might make sense to pursue a deed in lieu.

• ineligible to modify or refinance your mortgage
• facing a long-term hardship
• behind, or soon to fall behind, on your mortgage payments
• underwater on your home
• cannot, or don’t want to, sell your home
• can no longer afford your home

Before you act, know your rights

Benefits of a deed in lieu:

• Immediately released from the loan’s indebtedness
• Avoid the foreclosure proceeding’s public exposure
• You may receive more generous terms
• Credit will likely be less damaged
• Someone else is responsible for the home’s sale

Disadvantages of a deed in lieu:

• Those with a second mortgage, home equity loans, and tax liens may not qualify
• Many lenders are only interested in foreclosure.
• Rare, but possible negative tax consequences