Deed in Lieu Lantana? As a Lantana homeowner, you may decide to complete a deed in lieu of foreclosure instead of engaging in a short sale, loan modification or any other loss mitigation option that may be available.
A Deed in Lieu of foreclosure is a recorded document in which the homeowner gives all of his/her interest in the property to the Bank to satisfy the mortgage instrument and to avoid a foreclosure on his/her record.
A Deed in Lieu of foreclosure can be beneficial for all parties as it is generally a quick process, further litigation costs are avoided, and the homeowner can essentially be relieved of the financial indebtedness from the mortgage.
In all foreclosure matters wherein homeowners utilize loss mitigation, it is recommended that homeowners request that the Bank provide a waiver of deficiency judgment. A deficiency judgment is the balance of the difference between the original amount of the mortgage/note and what the property is eventually sold for. If there is a waiver of deficiency judgment, the homeowner will not be on the hook for that amount.
The Deed in Lieu of foreclosure, of course, must be approved by the Bank, but it is a valid option for homeowners to avoid the foreclosure process.
Are you in foreclosure with your Palm Beach County home? Do you need Lantana Foreclosure Defense Attorneys on your side? The Law Office of Ryan S. Shipp, PLLC and its highly qualified team of Lantana Foreclosure Defense Attorneys are here to help you with all of your foreclosure needs. Call us today @ (561) 699-0399 to set-up an appointment to visit our Lantana, Florida office location for a consultation.
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