legal






 

Question by  sathyaraj (26)

Can you provide me with information on an In Lieu of Deed in the state of Florida?

I need to understand how an in lieu of deed works in Florida.

 
+13

Answer by  TheAnswerFairy (2345)

A deed in lieu of foreclosure, often called a "Deed-in-lieu" occurs when a bank allows a homeowner to sign over a house that has begun the foreclosure process. Homeowners avoid having a foreclosure on their credit histories, and banks avoid the expense of a lengthy court decision.

 
+6

Answer by  mammakat (11147)

This means the person you owe chooses to deed over your property instead of taking you to court. There's a LOT of criteria, you really need to consult an attorney.

 
+6

Answer by  patti (29325)

Deed In Lieu is a legal instrument that allows the borrower of a mortgage transfer total ownership of the property to the lender (mortgage holder) in order to avoid foreclosure.

 
+6

Answer by  Advisor (1032)

Florida (and most other states as well) Law dictates transfer of property is legally binding if a document specifies ownership will be transfered at a specific date or event "In Lieu of Deed" being signed over by the local court. Conveys ownership but no mortgage interest.

 
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