Deed in Lieu of Foreclosure
The Shrayer Law Firm will analyze
Your particular situation see if a Deed in Lieu is a good option for your family. Simply put, it is a voluntary property transfer to a lender in exchange for a release of the mortgage. In most cases, the lender will also agree to forgive the deficiency (the amount of the loan that is not covered by the sale proceeds) that remains after the house is sold. If you are a homeowner facing a foreclosure contact The Shrayer Law Firm in Ft. Lauderdale to help you to avoid foreclosure.
A deed in lieu can help you in the following ways:
- Your credit will be affected less than in a foreclosure.
- You do not have to worry about selling your house
- You are immediately released from the debt associated with the loan.
However, there are disadvantages as well. For example, if you have a second mortgage, home equity loan, or tax liens on the property, you likely will not qualify. Also, there may be tax consequences based upon the amount of forgiven debt. Therefore, it is important to contact the Shrayer Law Firm to give an independent review of your situation today.