Foreclosure Isn’t The Only Option
When you are in financial distress and in danger of losing your house in the Fort Lauderdale, Florida, area, letting your house go in foreclosure is not your only option. At The Andres Lopez Law Firm, you can talk with a lawyer who has wealth of experience dealing with foreclosure alternatives such as deed in lieu of foreclosure.
Fort Lauderdale Foreclosure Alternatives
If you do not qualify for a loan modification, and you do not have a valid defense to prevent a foreclosure, a deed in lieu of foreclosure may provide you with another option. A deed in lieu of foreclosure allows you to turn over your property to the bank without having to go through the foreclosure process. Under this option, you agree to give the deed to the bank, and in return, the bank agrees not to come after you for the deficiency (the amount still owed) of your mortgage.
With deed in lieu of foreclosure, although you no longer own the house, you avoid the foreclosure process and you can ensure that the bank will not come after you for the deficiency amount of your mortgage.
As you consider deed in lieu of foreclosure, you should also think about:
Tax issues: There are many tax considerations when a deed in lieu of foreclosure is involved. If the bank forgives your debt, the amount forgiven counts as taxable income. It is vital to contact an attorney so that you fully understand the tax repercussions involved with deed in lieu of foreclosure transactions.
Which option is best for me? When you qualify for a loan modification, you typically will qualify for deed in lieu of foreclosure or a short sale. Without the help of an attorney, it is difficult to determine which of these options provide the most effective financial relief.
Contact The Firm
To schedule a consultation with a lawyer who is knowledgeable about deeds in lieu of foreclosure, contact The Andres Lopez Law Firm today at 800-785-1738 or fill our online form. We answer the phone 24/7, and evening and weekend appointments are available upon request. Se habla español.