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.


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.


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.


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.


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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