What does a deed in lieu of foreclosure mean mean in Florida?

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If you have incurred a long term financial hardship and your house has been on the market (at fair market value) for at least 60-90 days, you may be eligible for a deed-in lieu of foreclosure.  To be considered for this option, you must complete a financial package and provide a copy of your recent active listing agreement. Also, there cannot be any additional claims or liens (other the mortgage) against the property. If you are approved for a deed-in-lieu, you will be giving up all rights to the property and the property will be conveyed to your investor. In exchange for the deed-in-lieu, the lender may waive all deficiency judgment rights. You may be asked to participate in a short sale program before a deed-in-lieu of foreclosure is accepted. 

Comments (1)

Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Thanks for the information. Very helpful.

May 20, 2008 04:05 PM