During a tough economy, many homeowners are faced with foreclosure and other financial issues that could have a negative effect on their credit. What many do not know is that you may be able to willingly transfer your property to the lender, in exchange freeing you from the mortgage. The process is called deed in lieu, and it may be an option if a short sale is not. Often times, lenders will agree to absolve the arrearage remaining after the property is sold.
If you are unable to modify your mortgage, are challenged with an abiding hardship, delinquent on your mortgage payments, or can no longer afford your home, speaking to an experienced Tampa deed in lieu attorney is a good idea in order to explore your options. Deed in-lieu may be the right way to go to avert foreclosure.
Know Your Rights Before You ActAs with any situation, there are advantages and disadvantages to deed in-lieu. Some of the benefits to the process include being discharged from personal obligation of the loan and averting the process of a foreclosure. Also, your credit will not be as adversely affected as it is after a foreclosure and you will not be left with the duty of trying to sell your home.
Of course, with advantages, come the disadvantages including that homeowners with home equity loans, second mortgages, or tax liens may not qualify for deed in lieu. A lot of lenders prefer payment over real estate, meaning your lender may not agree to a deed in lieu. Unfavorable tax consequences may also impact you if you choose a deed in lieu. Speak with an experienced Tampa deed in lieu attorney to discover whether the pros outweigh the cons.
How can a deed in lieu lawyer help?Once your needs and goals are understood, the Law Offices of Stephen K. Hachey will address whether or not deed in lieu is a good option for you to pursue. If you’re ineligible to refinance or modify your mortgage, facing a long-term hardship, behind on your mortgage payments or will fall behind in the near future, owe more on your home than it’s worth, don’t want to sell your home or haven’t been able to sell your home or can no longer afford your home, you should consider working with a Tampa deed in lieu attorney. Stephen K. Hachey is a deed in lieu attorney who can help you to avoid foreclosure.
What are the benefits of deed in lieu?
- You are immediately released from the personal indebtedness associated with the loan.
- You avoid the public notoriety of a foreclosure proceeding and may receive more generous terms than you would in a formal foreclosure.
- Your credit will be affected less than in a foreclosure.
- You will not be responsible for trying to sell your house.
What are the disadvantages of deed in lieu?
- You may not qualify if you have a second mortgage, home equity loans or tax liens
- Many lenders want cash, not real estate
- There may be negative tax consequences, dependent upon the amount of forgiven debt
Call 866-200-4646 TODAY for a FREE, No-Obligation ConsultationTampa Office: 15619 Premiere Drive Ste 104A Tampa, FL 33624
Stephen K. Hachey, an experienced deed in leiu attorney, can not only help you determine your options, but he can advise you on the best course of action based on your unique situation. And with company offices located throughout the Tampa Bay area and West Florida—North Tampa, South Tampa, West Tampa, Orlando and Riverview, he’s available and accessible to begin helping you today. The Law Offices of Stephen K Hachey proudly serves Tampa, Orlando, St Petersburg, Clearwater, Wesley Chapel, New Tampa, Brandon, South Tampa, Lutz, Zephyrhills, Land o Lakes, Sarasota, Lakeland, Ft Myers, Cape Coral, Bradenton, Bonita Springs, Naples and everywhere in between.