Legal Question in Real Estate Law in Florida

Our home is in foreclosure. The amount owed is $290,000.00. We offered the Bank a Deed in Lieu of Foreclosure and they accepted if we execute a Promissory Note for $20,000.00 payable to the Mortgage Insurance Company at $105.00 per month for 15 years. The home is owned by my ex-husband and I. I have researched alot of information and am trying to determine if a Deed in Lieu with a promise to payback $20,000.00 is a better idea than a foreclosure.

Our credit is already ruined at this point.


Asked on 8/31/09, 7:55 pm

1 Answer from Attorneys
David Slater David P. Slater, Esq.

If you can pay it out, it sounds ok. It is better than having a judgment against you. It also depends on the value of the house;

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Answered on 9/01/09, 11:46 am


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