When a homeowner can no longer make the payments on his home, a deed in lieu is an alternative to a foreclosure. Instead of allowing the bank to take the property, the homeowner gives (deeds) the property back to the bank instead (in lieu) of being foreclosed on. Deed in lieu transactions can save time and, while they usually harm the homeowner’s credit, do less damage than a foreclosure. A title company can help by preparing the documents, managing their signing and assisting with the process of having them delivered and recorded.
Florida Pros can work with the homeowner to facilitate a deed in lieu transaction and help to avoid a foreclosure situation.