Another tip from your Seminole County foreclosure and Seminole County short sale realtor. Seminole County homeowners in foreclosure, “Deed in Lieu” is short for deed in lieu of foreclosure. In this process, a Seminole County homeowner in foreclosure, or who is delinquent in paying the mortgage can simply provide the deed, or sign over ownership of the property, in return for the lender’s agreement not to pursue foreclosure.
Deed in lieu is one of the options a homeowner can pursue under the federal Home Affordable Foreclosure Alternatives (HAFA) program. You can read more about theHAFA foreclosure help program here.
Under the HAFA program, however, the deed in lieu option is typically not available until the homeowner has tried and failed to sell the home through a short sale.
Call Richard for more information on the deed in lieu of foreclosure.
