Get Warranty Deed in Lieu of Foreclosure

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2016 U.S. Legal Forms, Inc.FLORIDA WARRANTY DEED IN LIEU OF FORECLOSUREControl Number: FL03149AI. TIPS ON COMPLETING THE FORMS The form(s) in this packet may contain form fields created using Microsoft
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FAQ

Contact your lender, explain your situation, and ask to begin the DIL process. ... Provide documents that show your income, monthly expenses, and bank account balances. ... Respond to requests for additional details, and allow time for your lender to process your request.

A deed in lieu of foreclosure is a transaction in which the homeowner voluntarily transfers title to the property to the bank in exchange for a release from the mortgage obligation. Generally, the bank will only approve a deed in lieu of foreclosure if there aren't any other liens on the property.

A deed in lieu of foreclosure can be very beneficial to both a lender and a borrower, enabling both to avoid the time and expense of foreclosure. ... The lender must make sure that accepting a lieu deed is a good choice in the given situation.

After a strategic default deed in lieu of foreclosure, the mandatory wait to get a new mortgage is four years for a conforming (Fannie Mae or Freddie Mac) loan under current regulations. You'll wait four to seven years for a jumbo loan.

People can just let the home go to foreclosure, and this will affect their scores for seven years. Or they can do a deed in lieu of foreclosure. With a deed in lieu, you voluntarily give your home to the lender in exchange for the cancellation of your loan. This, too, can create a negative mark on your credit history.

To deed in lieu of foreclosure is when a property owner surrenders the deed to the property to their lender in exchange for being relieved of the mortgage debt.

A deed in lieu of foreclosure is a deed instrument in which a mortgagor (i.e. the borrower) conveys all interest in a real property to the mortgagee (i.e. the lender) to satisfy a loan that is in default and avoid foreclosure proceedings.

Banks are under no obligation to accept a deed in lieu of foreclosure. Here are a few reasons why a bank might refuse a deed in lieu: ... Or, a second lender might accept a deed in lieu if the first loan is current and the property is worth more than the sum of its encumbrances. Servicing guidelines prohibit deeds in lieu.

Contact your lender, explain your situation, and ask to begin the DIL process. ... Provide documents that show your income, monthly expenses, and bank account balances. ... Respond to requests for additional details, and allow time for your lender to process your request.

If your lender agrees to a short sale or to accept a deed in lieu, you might have to pay income tax on any resulting deficiency. ... However, when you didn't pay the loan back and the debt was forgiven, the amount that was forgiven became "income" on which you owe tax.