Deed in Lieu Waiver of Deficiency
When negotiating a Deed in Lieu of Foreclosure in Florida be sure to have the lender agree to waive or release you from any deficiency in the difference between the mortgage amount owed and the ultimate market value of the property. This will prevent the lender from suing you in the future for that deficiency.
What to Look for when Negotiating a Deed in Lieu
A Deed in Lieu of Foreclosure will provide you no benefit unless you receive a waiver or relase of the deficency. Be skeptical of lenders or real estate agents asking you to sign a promisory note for a certain balance. The lender can try to collect the balance of the note from you in the future.