Legal Question in Real Estate Law in Florida

Re: realestate

Here's everything you need to know and more about a deed in lieu of foreclosure: http://en.wikipedia.org/wiki/Deed_in_lieu_of_foreclosure . Good luck!

Re: realestate

Ahh yes, the infamous Lou the deedholder; a jolly old fellow with lots of cubicles for holding deeds.

On the other hand, you might mean a deed in "lieu of foreclosure". Which is a deed you give to the bank so it will not foreclose on your property and damage your credit with a "foreclosure". This will only work if there are no other liens or encumbrances on your property. Often times a bank would prefer to foreclose on your property instead of taking a deed from you. This is because by foreclosing, the bank is able to wipe out all juniore liens and encumbrances.

Re: realestate

.......and although the bank "wipes out" all junior liens on the title it takes if it is the buyer at foreclosure, the former holders of the liens becume unsecured creditors of the borrower, at least in California. Note than none of the responses so far is from a Florida lawyer, and if Florida real property is at issue, advice from a Florida attorney is to be preferred.