Benefits of a Deed in Lieu with a Waiver of Deficiency in Florida

As Florida homeowners, we are sometimes placed in situations where we are left in financial distress, questioning if thedecisions we’ve made are for better or for worse. We’ve all faced, or are facing what is known as the famous “fork in the road”. Well, let me tell you something! When it comes to that fork in the road in the world of mortgages, you may not have to wonder which direction to take any longer! If you are a Florida resident in a situation where you can no longer afford to pay your mortgage, consider contacting your lender to negotiate a deed in lieu of foreclosure with a waiver of the deficiency balance as it may be the best and most beneficial way to go. The process of a deed in lieu is when you sign the title of your home back over to the bank and no longer have to make the payments. The loan is then forgiven in response to giving the home back. This only means the benefits of a deed in lieu with a Waiver of Deficiency go a long way. If you can no longer afford to make payments, a deed in lieu with a waiver of deficiency may be your only option. And again, this situation can have its pros and cons. A deed in lieu of foreclosure does not always show on your credit score, giving you the chance to potentially purchase another home in the future! Don’t fall victim of foreclosure! And choose the best road for you, but always consult a Florida attorney before making your decision!

 

Ray Garcia, Esq.

Board Certified in Real Estate

By the Florida Bar

www.raygarcialaw.com