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Deed in lieu of foreclosure and short sales

Despite your best efforts, you may be in an unmanageable financial situation that is making foreclosure proceedings appear likely to occur. Before you allow a foreclosure to happen, you might want to consider negotiating either a deed in lieu of foreclosure or a short sale in order to avoid the foreclosure proceeding and any resulting liability for a deficiency.

If you are able to negotiate a deed in lieu of foreclosure, you will be agreeing to give your home to your lender and then just walk away from it. While it may seem simple, you may find it necessary to convince your lender that accepting a deed in lieu of foreclosing on your home is going to be beneficial to the lender as well.

Your lender may also be willing to negotiate a short sale on your home. In a short sale, your home will be sold for less than what you owe on your mortgage. If you try to negotiate the ability to complete a short sale on your house, you will need to try to get an agreement from your lender that any remaining deficiency you owe on the balance of the mortgage will be canceled as well.

At the Law Offices of Daryl L. Jones, P.A., our attorneys have significant experience defending the rights of homeowners facing foreclosure. Our firm may negotiate with lenders and banks in order to help our clients avoid foreclosure and obtain relief. We understand that in many cases, people have difficulty with navigating the foreclosure defense area. In order to offer assistance to people, we have a deed in lieu of foreclosure page that may be able to provide more information.

Source: Law offices of Daryl L. Jones, P.A. , "Miami Deed In Lieu Of Foreclosure Lawyers", December 04, 2014

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