If you can no longer make your mortgage payments, you may believe foreclosure is your only alternative. However, there are lots of options. We address 3 inter-related options on this page: deed-in-lieu of foreclosure, cash-for-keys, and authorization judgments.
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A deed-in-lieu of foreclosure allows you to negotiate specific legal defenses on your own that are not readily available in a foreclosure action. In addition, by avoiding a judgment of foreclosure, less damage is done to your credit. In specific cases, it is even possible to acquire cash rewards for picking a deed-in-lieu of foreclosure.

Sometimes a deed-in-lieu will not be possible due to title problems, tax problems, or other reasons. In this instance, the celebrations can agree to a judgment, with a cash payment reward. Part of the deal can consist of the bank's agreement not to pursue you for a "shortage judgment." This only arises if the worth of the home is less than the judgment quantity. That distinction 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 path, it is essential to explore and consider tax ramifications.

Some people have equity in their home. That's when the value of the home goes beyond the amount owed. In those circumstances, it might make sense to come to a plan with the opposite to keep their attorney's charges and costs as low as possible. As generally, the bank's fees and costs will increase the balanced owed and lower your equity.

To best take advantage of the advantages provided by a deed-in-lieu of foreclosure, cash-for-keys, or authorization judgment, you need to speak to an experienced Hollywood and Fort Lauderdale foreclosure defense attorney.

At the Law Offices of Evan M. Rosen, we have successfully assisted clients to negotiate useful deeds-in-lieu, cash-for-keys, and approval judgment plans with every major bank and bank law practice. A deed-in-lieu, cash-for-keys, or authorization judgment are just a few options we can help you pursue as part of a technique to fix foreclosures. In every case, we make a commitment to offering you with legal suggestions on all of your options and to combating intensely for you. Putting client service first, we will listen to you, work with you and assist you to get the finest outcomes possible.

You are welcome to find out more listed below, or you can call us now for a consultation by calling 754-400-5150 or by submitting our online kind.

What is a deed-in-lieu of foreclosure?

A deed-in-lieu of foreclosure is a plan made with your mortgage lending institution where you consent to turn over the deed to your residential or commercial property and, in exchange, the bank agrees not to pursue a foreclosure action against you. Essentially, this indicates you voluntarily give the residential or commercial property back to the lending institution. The bank will then report the mortgage financial obligation as satisfied, suggesting that you are no longer under any legal responsibility to pay.

A deed-in-lieu of foreclosure might be available by contract with your lender, provided you do not have outstanding tax liens or second liens on your residential or commercial property, such as liens for unpaid homeowners' association charges. Liens are claims on the residential or commercial property, and since you need to turn over the deed to your loan provider in a deed-in-lieu of foreclosure, no one else can have a claim on the residential or commercial property other than the bank.

If there are exceptional liens on the residential or commercial property, a similar option to foreclosure referred to as an authorization judgment may be pursued. A consent judgment means you do not fight the foreclosure but instead you agree that the court should get in a judgment of foreclosure versus you. An authorization judgment accelerate the foreclosure process significantly and is much less pricey and complex for the lender. While an approval judgment does more damage to your credit than a deed-in-lieu of foreclosure contract, 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 lending institution offers you cash to consummate the transaction.

Advantages of a Deed-in-Lieu of Foreclosure

When choosing a deed-in-lieu of foreclosure, the most obvious benefit is that you avoid a judgment of foreclosure on your public record. A judgment of foreclosure can remain on your credit report for seven years, making it challenging for you to get credit and triggering you to be disqualified for certain careers or positions for which a monetary background check is performed. A judgment likewise remains on the main public records permanently. When you turn over your deed, no judgment is gone into against you.

Other benefits are also available 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 contract, your foreclosure defense lawyer need to probably negotiate a waiver of shortage. Due to tax ramifications, you might prefer to not have a waiver. This is something that will need to be completely explored before finalizing your choice.

Because Florida is a "recourse state," lending institutions have more option after a foreclosure action. If they do not create adequate funds from a foreclosure sale to pay for the total you owe on the residential or commercial property, in addition to for their expenses in foreclosing, they can obtain a shortage judgment versus you for the remaining balance owed. These deficiency judgments can be for very considerable amounts of cash. They can even more ruin your credit, function as a lien versus you for as long as twenty years and can even result in your wages 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 property owners to obtain cash incentives for quiting the deed or granting judgment. At the Law Offices of Evan M. Rosen, we have actually effectively helped clients throughout Florida to obtain much required funds as part of this procedure. Every case is different and money rewards are on a case-by-case basis. But the Florida foreclosure defense attorneys at the Law Offices of Evan M. Rosen have actually had the ability to effectively negotiate five-figure money rewards to house owners. At a time when you may be struggling financially, these money payments can go a long method toward assisting you get back on track.

Deeds-in-lieu and cash-for-keys normally just make sense when the residential or commercial property is "undersea." That's when the mortgage balance goes beyond the value of the residential or commercial property. If there is equity, there are another variety of options readily available.

Contact Our Hollywood and Fort Lauderdale Foreclosure Defense Attorneys Today

At the Law workplaces of Evan M. Rosen, we treat our customers like we would desire to be treated, that includes treating their cases like our own. We take pleasure in helping our clients understand their rights and develop a plan that is finest for them. Whether that is through a deed-in-lieu, cash-for-keys, authorization judgment or having your day in court at trial, we will deal with you to discover the best option for you at an inexpensive price. Contact us today at 754-400-5150 or through our online type to schedule a consultation for more information.

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