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What you should know about deed-in-lieu of foreclosure

Trying to keep up with a mortgage in the middle of other financial difficulties can create a situation that feels impossible to homeowners in Miami. Although a person may want to let the house go and focus on other expenses, it may not be obvious how to accomplish this without going into foreclosure, an event from which it may take years to recover. The Consumer Financial Protection Bureau points out that a deed-in-lieu of foreclosure may be the answer.

If the amount still owed on the house is more than the house is worth, this may not be the right choice. But, in many cases, the lender is willing to take possession of the property and close out the loan if the amount owed is within reason. This saves the former owner from the credit damage caused by a foreclosure. Financial assistance may also be available to make the transition easier for people moving out of their family home.

Forbes points out that another benefit of this option in Florida is that it may be much faster to complete than a foreclosure. The shortened process may be positive for the mortgage holders because they often benefit from taking over the residential properties during a time when values are rising. Sidestepping the lengthy foreclosure process also allows former homeowners to get out from under the unmanageable loan more quickly.

These factors may be primary contributors in the increased number of people taking advantage of this option in the state, while states with expedited foreclosure processes are seeing a decrease.

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