Miami: What is a Deed in Lieu of Foreclosure?

Ocean.jpgThe unemployment rates in Miami are consistently on the rise in today’s economy. Because of this, many of the residents in Miami who own a home or multiple homes may begin considering options that will help them avoid foreclosure. One such option is that of a deed in lieu of foreclosure. What in the world is a deed in lieu of foreclosure?

A deed in lieu of foreclosure in Miami is an option when you feel that you cannot make your mortgage payments each month and wish to avoid a foreclosure in Miami. Depending on where you live, you may have different steps to follow, so while this advice is general, it is important that you speak with a deed in lieu of foreclosure attorney in Miami as soon as you see a need for one.

• A deed in lieu of foreclosure is when your bank takes the deed and forgives the remainder of the mortgage that you owe. Before you can obtain a deed in lieu of foreclosure in Miami, you will have had to exhaust every other alternative to foreclosure first. A short sale in Miami and a loan modification Miami will have been tried before attempting a deed in lieu of foreclosure.

• A deed in lieu of foreclosure is purely voluntary by both the borrower and the lender. The lender may have other requirements that need to be fulfilled in order to obtain a deed in lieu of foreclosure. Some basic requirements may include a letter sent directly to the institution of a “hardship”, a hardship can include but is not limited to a divorce, loss of job and or a death in the family. You will also need to provide your lender with a list of your finances and assets.

It is essential that people understand that there are other options when it comes to a foreclosure in Miami. A deed in lieu of foreclosure will allow you to get out from under your home with minimal damage to your credit and your finances. It is also beneficial to the financial institution as it will add to their public reputation.

Seeking the advice of a deed in lieu of foreclosure attorney is an essential part of avoiding foreclosure. Because of all of the requirements needed to obtain a deed in lieu of foreclosure, it is helpful to have a deed in lieu of foreclosure lawyer to guide you step-by-step through the entire process. A deed in lieu of foreclosure attorney in Miami can make sure that you doing everything you can in order to avoid a foreclosure in Miami.