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Is a Lender More Likely to Accept a Deed in Lieu of Foreclosure, or Short Sale for Your Sarasota, Bradenton, Venice, Lakewood Ranch Florida Home?
 
(CLICK to register for our next FREE Foreclosure Options Tele-seminar)
 
Is a Lender More Likely to Accept a Deed in Lieu of Foreclosure, or Short Sale for Your Sarasota, Bradenton, Venice, Lakewood Ranch Florida Home?
 
Both a "deed-in-lieu-of-foreclosure" and "short sale" are alternatives to foreclosure that may, or may not be available/acceptable to the parties involved, depending on their particular circumstances.
 
Let's start with definitions . . .
 
A "foreclosure" occurs when a lender exercises its rights against a borrower to take ownership of a property that was pledged as collateral (mortgaged) for a debt.  In Florida, a foreclosure is always a formal judicial process (must occur as a result of a court order) instituted by a lender who has ceased receiving payments from the borrower.  Certain legal and procedural formalities must be followed if there is to be a valid and binding foreclosure.
 
A "deed-in-lieu-of-foreclosure" (a deed "instead of" foreclosure) occurs when a borrower who is unable to continue making mortgage payments voluntarily hands the deed to their property over to their lender in exchange for the lender agreeing not to pursue a formal foreclosure.
 
A borrower might prefer a "deed in lieu" ... more

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