Phone: (407) 476-4372

Orlando Foreclosure Attorney

Orlando, Florida 32801

Foreclosure Attorney Michael Stites

- We Help Stop Home Foreclosure and Remove Debt Liability-

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Terms & Conditions

Am I Able to Just Give my Home Back to the Bank?

(Deed in Lieu of Foreclosure)

The option where you agree to give your home to the lender as long as they agree to cancel out the loan is known as a “deed in lieu of foreclosure”. Unlike a short sale, this transfers the responsibility of selling the home to the lender. This is something that will have to be negotiated with, and is ultimately up to the lender.

Remember lenders are not real estate brokers. They prefer to work with cash so convincing them to take the home is usually not easy.


The advantage to a deed in lieu of foreclosure is you will not have to go through the process of trying to sell the home yourself. You will also no longer have a mortgage to pay.


The disadvantage to a deed in lieu of foreclosure is if the bank auctions off the home for less than what you owed they can sue you for the deficiency. That is why it is important to negotiate a deficiency waiver prior to performing the deed in lieu.

If you have equity in the home, as in, if the home is worth more than what you owe, a deed in lieu is not a good idea. It would benefit you to sell the home yourself.

Key Foreclosure Terms:

Deed in Lieu of Foreclosure - When a lender agrees to take the borrower’s home in exchange for canceling the mortgage. Instead of having the lender forcing the sale of the house you are giving it to them and they remove the mortgage debt.

Equity - When the monetary value of your home is worth more than what you owe the lenders. Your equity in the property will grow with every payment you make depending on how the housing market fluctuates.

Foreclosure FAQs

Am I able to just give my home back to the bank? (Deed in lieu of foreclosure)

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