Jacksonville: What is a Deed in Lieu of Foreclosure?

There are many alternatives to foreclosure in Jacksonville Florida. One of these methods is a Deed in Lieu of Foreclosure. Many residents in Jacksonville are looking at possible alternatives to foreclosure as the economy is simply failing homeowners. A deed in lieu of foreclosure will allow you to trade the deed for the remaining amount that is left to pay on your loan. The steps you must take when attempting to receive the option of a deed in lieu of foreclosure varies from state to state and lender to lender, but here are a few basics: You will need to provide your lender with some information. They will need an updated version of your finances. This will also include your salary info, investment info, savings info and so and so on. You will also need to give them a letter stating what the reason for asking for the deed in lieu is to begin with. This can include loss of a job, a death in the family or illness. They will need to establish a "Hardship" on your part before approving you for a Deed in Lieu of Foreclosure. You will have to try and sell your home. If your home does not sell, you may be eligible for a deed in lieu of foreclosure. You will have also had to try a loan modification and not succeeded in the endeavor. In any case, the lender may require that you have tried every option available to you before asking for a deed in lieu of foreclosure. Every state and lender is different which is why it is essential that you speak with a deed in lieu of foreclosure attorney in Jacksonville that can tell you what your rights and responsibilities are in this situation. A deed in lieu of foreclosure lawyer in Jacksonville can explain the steps of a deed in lieu of foreclosure to you and help you every step of the way while attempting a deed in lieu of foreclosure. A consultation with your local foreclosure defense attorney will give you far more valuable information than any website or hearsay ever would. Not to mention the fact that if you decide to try for a deed in lieu of foreclosure, there is not any kind of guarantee that you will be accepted. Having a great deed in lieu lawyer in Jacksonville on your side will give you a better shot a procuring a deed in lieu. Tags: Jacksonville Short Sale Attorney, Jacksonville Short Sale Lawyer, Jacksonville Foreclosure Attorney, Jacksonville Foreclosure Lawyer, Short Sales Jacksonville, Loan Modifications Jacksonville, Jackosnville Short Sales, Deed in Lieu Jacksonville, Jacksonville Lawyer, Jacksonville Attorney

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