If you can no longer make your mortgage payments, you may believe foreclosure is your only option. However, there are numerous options. We resolve three inter-related alternatives on this page: deed-in-lieu of foreclosure, cash-for-keys, and approval judgments.

A deed-in-lieu of foreclosure allows you to negotiate certain legal protections on your own that are not available in a foreclosure action. In addition, by preventing a judgment of foreclosure, less damage is done to your credit. In specific cases, it is even possible to get money rewards for choosing a deed-in-lieu of foreclosure.

Sometimes a deed-in-lieu will not be possible due to title issues, tax issues, or other reasons. In this instance, the celebrations can consent to a judgment, with a cash payment reward. Part of the deal can include the bank's agreement not to pursue you for a "deficiency judgment." This only develops if the value of the home is less than the judgment quantity. That difference is the deficiency, and in Florida (a "recourse" state), you could be on the hook to pay that sum for up to twenty years post-judgment. If you go this route, it's important to check out and consider tax implications.

Some people have equity in their home. That's when the value of the home surpasses the quantity owed. In those instances, it might make sense to come to a plan with the opposite to keep their attorney's fees and expenses as low as possible. As normally, the bank's charges and expenses will increase the well balanced owed and reduce your equity.

To best make the most of the advantages offered by a deed-in-lieu of foreclosure, cash-for-keys, or approval judgment, you ought to talk to an experienced Hollywood and Fort Lauderdale foreclosure defense attorney.

At the Law Offices of Evan M. Rosen, we have actually effectively assisted clients to negotiate advantageous deeds-in-lieu, cash-for-keys, and permission judgment plans with every significant bank and bank law office. A deed-in-lieu, cash-for-keys, or consent judgment are just a few alternatives we can help you pursue as part of a technique to resolve foreclosures. In every case, we make a dedication to supplying you with legal guidance on all of your options and to combating intensely for you. Putting customer care initially, we will listen to you, deal with you and assist you to get the very best outcomes possible.

You are welcome to learn more below, or you can call us now for a consultation by calling 754-400-5150 or by filling out our online form.

What is a deed-in-lieu of foreclosure?

A deed-in-lieu of foreclosure is a plan made with your mortgage lending institution where you consent to turn over the deed to your residential or commercial property and, in exchange, the bank agrees not to pursue a foreclosure action against you. Essentially, this implies you willingly give the residential or commercial property back to the lender. The bank will then report the mortgage debt as pleased, indicating that you are no longer under any legal commitment to pay.

A deed-in-lieu of foreclosure may be offered by contract with your lender, offered you do not have exceptional tax liens or second liens on your residential or commercial property, such as liens for unpaid house owners' association fees. Liens are claims on the residential or commercial property, and considering that you must turn over the deed to your loan provider in a deed-in-lieu of foreclosure, nobody else can have a claim on the residential or commercial property other than the bank.

If there are outstanding liens on the residential or commercial property, a comparable alternative to foreclosure described as an authorization judgment might be pursued. An authorization judgment means you do not fight the foreclosure but instead you agree that the court must get in a judgment of foreclosure versus you. A consent judgment speeds up the foreclosure procedure significantly and is much less expensive and complicated for the loan provider. While an authorization judgment does more damage to your credit than a deed-in-lieu of foreclosure arrangement, it can be structured to supply all the other same benefits of a deed-in-lieu, such as waiver of shortage and even a money buyout component in which the loan provider offers you money to practiced the deal.

Advantages of a Deed-in-Lieu of Foreclosure

When selecting a deed-in-lieu of foreclosure, the most apparent advantage is that you prevent a judgment of foreclosure on your public record. A judgment of foreclosure can stay on your credit report for 7 years, making it tough for you to get credit and triggering you to be disqualified for particular professions or positions for which a financial background check is performed. A judgment also stays on the main public records forever. When you turn over your deed, no judgment is entered versus you.

Other benefits are likewise offered as a result of a deed-in-lieu of foreclosure arrangement, particularly if you have an experienced Florida foreclosure defense attorney representing your interests. For example, as part of your deed-in-lieu agreement, your foreclosure defense lawyer ought to more than likely negotiate a waiver of shortage. Due to tax implications, you may choose to not have a waiver. This is something that will need to be thoroughly checked out before finalizing your decision.

Because Florida is a "option state," loan providers have additional recourse after a foreclosure action. If they do not create adequate funds from a foreclosure sale to spend for the overall you owe on the residential or commercial property, along with for their expenses in foreclosing, they can obtain a deficiency judgment versus you for the staying balance owed. These shortage judgments can be for very substantial amounts of money. They can further ruin your credit, act as a lien versus you for as long as twenty years and can even lead to your salaries being garnished to pay the judgment. With a deed-in-lieu of foreclosure arrangement, the Law Offices of Evan M. Rosen will work out with the bank to pursue terms that are best for you.

Cash for Keys

It is likewise possible for house owners to acquire money incentives for providing up the deed or granting judgment. At the Law Offices of Evan M. Rosen, we have successfully assisted clients throughout Florida to obtain much needed funds as part of this procedure. Every case is different and cash incentives are worked out on a case-by-case basis. But the Florida foreclosure defense legal representatives at the Law Offices of Evan M. Rosen have actually had the ability to effectively work out five-figure money rewards to house owners. At a time when you may be having a hard time financially, these money payments can go a long way towards assisting you get back on track.

Deeds-in-lieu and cash-for-keys usually only make sense when the residential or commercial property is "undersea." That's when the mortgage balance goes beyond the worth of the residential or commercial property. If there is equity, there are another variety of options readily available.

Contact Our Hollywood and Fort Lauderdale Foreclosure Defense Attorneys Today

At the Law offices of Evan M. Rosen, we treat our customers like we would desire to be treated, which consists of treating their cases like our own. We delight in helping our clients understand their rights and create a plan that is finest for them. Whether that is through a deed-in-lieu, cash-for-keys, permission judgment or having your day in court at trial, we will work with you to discover the best choice for you at an affordable cost. Contact us today at 754-400-5150 or through our online type to arrange a consultation for more information.

Let the Law Offices of Evan M. Rosen serve you!