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Bankruptcy Content

Deed in Lieu Attorney in St. Petersburg

Information About Foreclosure

Need a lawyer for a deed in lieu case in St. Petersburg? A deed in lieu is short for deed in lieu of foreclosure and refers to the situation where the borrower of a property conveys all interest in the property to the lender to satisfy a mortgage that is in default and to avoid a foreclosure. The advantage of a deed in lieu to the borrower is that it releases him from all obligations of the debt to the lender. He or she also avoids the embarrassment of a foreclosure and a deed in lieu may do less damage to the borrower's credit score than a foreclosure. Also, in a deed in lieu, the borrower may be given more generous terms by the lender than in a foreclosure.

Looking for an attorney for a deed in lieu in St. Petersburg? If you are in default on a mortgage in the Tampa Bay area and are considering your options, contact principal Attorney Hancock at our firm. Dion R. Hancock, P.A. has helped innumerable individuals with foreclosure matters, including deeds in lieu of foreclosure, and we can provide competent legal counsel and service pertaining to this foreclosure alternative.

Why Would a Lender Accept a Deed in Lieu?

For a deed in lieu to work, both sides must complete the transaction voluntarily and in good faith. In the settlement between lender and borrower, the total consideration must be close to the fair market value of the property. If the borrower owes more than the fair market value of the property, the lender may not agree to a deed in lieu. Some lenders will agree, however, since they will wind up with the property in any event and a deed in lieu saves them the cost of formal foreclosure proceedings.

Benefits of a Deed in Lieu

  1. A deed in lieu offers the advantage of a reduction in time and cost of a formal foreclosure and repossession of the property for the lender.
  2. Also, there is a lowered possibility that the embattled homeowner will vandalize the property prior to being evicted by the sheriff in a foreclosure action.
  3. You can avoid foreclosure
  4. You as the borrower are released of your debt payments to the lender

Request a Free Consult With a St. Petersburg Bankruptcy Lawyer

The attorneys at our firm can assist you in negotiating with a lender to complete a deed in lieu and providing the necessary legal work to accomplish this.

Call us today at (727) 475-4518 or fill out a free bankruptcy evaluation!

The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.