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

A deed-in-lieu of foreclosure allows you to work out particular legal defenses on your own that are not available in a foreclosure action. In addition, by avoiding a judgment of foreclosure, less damage is done to your credit. In certain cases, it is even possible to acquire money incentives for picking a deed-in-lieu of foreclosure.

Sometimes a deed-in-lieu will not be possible due to title problems, tax issues, or other factors. In this circumstances, the celebrations can accept a judgment, with a cash payment incentive. Part of the deal can include the bank's contract not to pursue you for a "shortage judgment." This only occurs if the value of the home is less than the judgment amount. That difference is the deficiency, and in Florida (a "option" state), you could be on the hook to pay that sum for up to twenty years post-judgment. If you go this route, it is necessary to check out and think about tax implications.

Some individuals have equity in their home. That's when the value of the home surpasses the quantity owed. In those circumstances, it may make good sense to come to an arrangement with the other side to keep their lawyer's fees and costs as low as possible. As usually, the bank's charges and expenses will increase the well balanced owed and lower your equity.

To finest make the most of the benefits supplied by a deed-in-lieu of foreclosure, cash-for-keys, or approval judgment, you ought to speak to an experienced Hollywood and Fort Lauderdale foreclosure defense attorney.

At the Law Offices of Evan M. Rosen, we have successfully assisted customers to negotiate advantageous deeds-in-lieu, cash-for-keys, and approval judgment arrangements with every major bank and bank law office. A deed-in-lieu, cash-for-keys, or authorization judgment are just a couple of alternatives we can assist you pursue as part of a technique to deal with foreclosures. In every case, we make a dedication to supplying you with legal suggestions on all of your choices and to combating vigorously for you. Putting consumer service first, we will listen to you, work with you and assist you to get the best results possible.

You are welcome to find out more listed below, or you can contact us now for an assessment by calling 754-400-5150 or by submitting our online kind.
usa.gov
What is a deed-in-lieu of foreclosure?

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

A deed-in-lieu of foreclosure might be offered by agreement with your lending institution, offered you do not have outstanding tax liens or 2nd liens on your residential or commercial property, such as liens for unpaid house owners' association charges. Liens are claims on the residential or commercial property, and given that you need to 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 except the bank.

If there are exceptional liens on the residential or commercial property, a similar option to foreclosure described as an approval judgment might be pursued. A consent judgment suggests you do not combat the foreclosure however instead you concur that the court needs to enter a judgment of foreclosure versus you. An authorization judgment speeds up the foreclosure procedure significantly and is much less pricey and complicated for the lending institution. While a consent judgment does more damage to your credit than a deed-in-lieu of foreclosure agreement, it can be structured to offer all the other exact same advantages of a deed-in-lieu, such as waiver of deficiency and even a money buyout component in which the lender provides you cash to consummate the deal.

Advantages of a Deed-in-Lieu of Foreclosure

When choosing a deed-in-lieu of foreclosure, the most obvious advantage is that you avoid a judgment of foreclosure on your public record. A judgment of foreclosure can remain on your credit report for 7 years, making it difficult for you to get credit and triggering you to be disqualified for certain professions or positions for which a monetary background check is carried out. A judgment likewise stays on the official public records permanently. When you turn over your deed, no judgment is gone into versus you.
justice.gov
Other benefits are also offered as an outcome of a deed-in-lieu of foreclosure arrangement, particularly if you have a skilled Florida foreclosure defense attorney representing your interests. For example, as part of your deed-in-lieu arrangement, your foreclosure defense lawyer need to probably work out a waiver of shortage. Due to tax ramifications, you may prefer to not have a waiver. This is something that will need to be completely checked out before settling your choice.

Because Florida is a "recourse state," lending institutions have further option 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, as well as for their costs in foreclosing, they can obtain a deficiency judgment against you for the staying balance owed. These shortage judgments can be for extremely substantial amounts of cash. They can further destroy your credit, serve as a lien against 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 also possible for house owners to obtain cash rewards for quiting the deed or consenting to judgment. At the Law Offices of Evan M. Rosen, we have effectively helped customers throughout Florida to get much needed funds as part of this procedure. Every case is various and cash rewards are worked out on a case-by-case basis. But the Florida foreclosure defense attorney at the Law Offices of Evan M. Rosen have been able to successfully negotiate five-figure cash rewards to homeowners. At a time when you may be struggling financially, these money payments can go a long method toward helping you get back on track.

Deeds-in-lieu and cash-for-keys usually just make good sense when the residential or commercial property is "underwater." That's when the mortgage balance surpasses the worth of the residential or commercial property. If there is equity, there are another variety of choices available.

Contact Our Hollywood and Fort Lauderdale Foreclosure Today

At the Law offices of Evan M. Rosen, we treat our customers like we would wish to be treated, that includes treating their cases like our own. We enjoy helping our clients understand their rights and develop a strategy that is best 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 find the best option for you at an economical rate. Contact us today at 754-400-5150 or through our online form to schedule an assessment to find out more.

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