Mediation In Lieu of Foreclosure | Rusty Law, LLC

Foreclosure Mediations are often a waste of time?except when they are not.

Many Foreclosure Mediations have ended in a HAMP (Home Affordable Mortgage Program) modification, which the homeowner is entitled to anyway without the time and expense of mediation.? While Foreclosure Mediations are no longer mandated in Florida, homeowner distress?mental and in real estate?continues to thrive in mediations and other legal procedures.

In many cases there are no good answers, but when your home and financial future are at stake, it may be worth looking at your legal options.? And every now and then a resolution stands out that is better than the rest.? Every now and then, instead of a HAMP modification, a Foreclosure Mediation results in a Deed-In-Lieu of Foreclosure.

A Deed-In-Lieu of Foreclosure (DIL) is defined in layman?s terms by the Florida Bar as ?a cancellation of your mortgage if you voluntarily transfer title of your property to your mortgage company.? Usually you must try to sell your home for its fair market value for at least 90 days before a mortgage company will consider this option.?? ??However, once the process is begun, generally it has to be completed within 90 days of initiation.? While a DIL can do less damage to your credit than a foreclosure, it is typically not an option if you have other liens on the property like a tax lien or second mortgage.

If you are going to lose your home and your credit, you probably cannot lose much more by talking with an attorney about the legal choices available to you.? Some cases turn out better than expected.

Source: http://www.rustylaw.com/mediation-in-lieu-of-foreclosure/

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