Deed In Lieu of foreclosure
Deed in Lieu of Foreclosure in Brevard County
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Rather than face a foreclosure and the significant credit impact it can leave, many homeowners will seek any option they can to avoid the process. One option available in certain situations is to transfer the deed of your property to your lender in lieu of their pursuing the foreclosure process.
If you would like to pursue a deed in lieu of foreclosure instrument, a skilled Brevard County foreclosure attorney may be able to help you determine if you qualify and request a negotiation with your lender. Buchalter & Pelphrey Attorneys At Law has helped thousands of clients in their over 50 years of combined legal practice, and they have protected the homes and records of people all around the Brevard County area.
We understand the stresses you are experiencing, which is why we place our highest priority on providing you with top-rated counsel through every step of the process.
Call Buchalter & Pelphrey at (321) 320-6088 or contact us online to retain our reputable legal counsel today.
When Can I Pursue a Deed in Lieu?
The deed in lieu of foreclosure process is one that could potentially be the best option for both sides.
For lenders, it saves a lot of:
- Time
- Money
- Risk involved with pursuing the foreclosure process and in many cases allows them to reclaim a property without a fight
For borrowers, this process allows them to avoid having a foreclosure on their credit record by using the value of their property to release them from their loan in default.
This process does generally require a few particular circumstances in order to be an option:
- Both sides must enter into a deed in lieu transaction voluntarily, and in good faith
- The debt must be secured by the transfer of the deed
- The property value must be fair enough to cover the remainder of the loan
It is important to know about this option if you find yourself facing a foreclosure because many lenders will not suggest it due to the possibility of then facing a claim that they “forced” the borrower into negotiations.
Instead, the borrower must submit a written request to enter into negotiations voluntarily.
How We Can Help
Our attorneys can assist you with:
- Drafting and submitting this request
- And providing counsel through the negotiations process
Related Reading
To start the process for your deed in lieu transaction, contact Buchalter & Pelphrey for a free initial consultation today.
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