Deed in lue

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Deed in lue

I was trying to do a deed in lue and the mortgage company advised me it was not an option available to me. By one person – I was told it was a claus that the investor had. I called back after doing some research and was told that the rep should have not told me that. And that deed in lue was not an option but would not explain why. Can they do that?

Asked on May 13, 2009 under Real Estate Law, Florida

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

First, it is "deed in lieu".  Yes, some loans don't offer that option.  In other words, the investor doesn't have to accept a deed in lieu and doesn't have to modify your loan, either.   So, what you need to do is the following:

1. Try the Florida Division of Financial Institutions, Office of Financial Regulation and file a consumer complaint against your servicer and lender to see if anything can be done.

2. If #1 doesn't help within 45 days or so, call a lawyer.  Try www.attorneypages.com and check his or record at the Florida State Bar.


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