Deed in Lieu of Foreclosure

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

Usually a deed in lieu of foreclosure offers several advantages to both the borrower and the lender. The principal advantage to the borrower is that it immediately releases him/her from most or all of the personal indebtedness associated with the defaulted loan. The borrower also avoids the public notoriety of a foreclosure proceeding and may receive more generous terms than he/she would in a formal foreclosure. Another benefit to the borrower is that it hurts their credit less than a foreclosure does. Advantages to a lender include a reduction in the time and cost of a repossession, and additional advantages if the borrower subsequently files for bankruptcy.

In order to be considered for a deed in lieu of foreclosure many times a lender will require that you have attempted a Short Sale before they will accept a deed in lieu of foreclosure.  If this is the case we will work closely with you to make sure you are meeting all the requirements of your lender so we can ultimately give the deed back as hassle free as posssible.

For more information on how our services could benefit you please call The Law Offices of Justin McMurray, P.A. at (904) 248-4482 for a FREE consultation. That is (904) 248-4482for a FREE consultation on how we can help solve your mortgage problems

The Law Offices of Justin McMurray, P.A serves all of Jacksonville and the following cities:

Amelia Island, Arlington, Arlingwood, Atlantic Beach, Avondale, Baldwin, Bayard, Beachwood, Beauclerc, Brooklyn Park, Bryceville, Brentwood, Callahan, Cecil Field, Cedar Hills, Craig Field, Deerwood, Dinsmore, Downtown, Edgewood, Fernandina, Fleming Island, Fort Caroline, Fruit Cove, Glen St Mary, Green Cove Springs, Greenland, Grove Park, Herlong, Hilliard, Holiday Hill, Imeson, Isle of Palms, Lakewood, Jacksonville Beach, Jacksonville Heights, Julington Creek, Lake Asbury, Lake Shore, Lakewood, LaVilla, Loretto, MacClenny, Mandarin, Marietta, Mayo Clinic, Mayport, Middleburg, Miramar, Murray Hill, NAS Jacksonville, Neptune Beach, Normandy, Norwood, Oceanway, Orangedale, Orange Park, Ortega, Palencia, Palm Valley, Penny Farms, Picketville, Ponte Vedra Beach, Regency, Riverside, Roosevelt, Saint Augustine, Saint Johns, San Jose, San Marco, San Pablo, Sandalwood, Sanderson, South Jacksonville, Southside Estates, Spring Glen, Spring Park, Springfield, St Augustine, St Johns, Sunbeam, Switzerland, Talleyrand, Venetia, Wesconnett, Whitehouse, Wonderwood, Yulee