Naples Florida Foreclosure Listings Series

I don't get asked very often about a deed in lieu, but the question does come up every now and then. It is normally asked by homeowners who have been searching the internet for information about foreclosures. I typically respond, Will your bank accept one? Many homeowners are suprised and don't realize not all banks are willing to do a deed in lieu. So the first thing you have to do it ask the bank.

The bank says they will accept one, but what are the advantages? The first advantage is it doesn't take as long as a foreclosure. The second is it can save you some money. Those are both good right? Sure they are, but you still have to be careful. You need to check for junior liens.

To check for junior liens you need to contact a title company and request a preliminary title report. This will uncover any junior liens. If the report is clean it's in your best interest to make sure the deed in lieu is taken subject to a title insurance policy being issued in your favor. This will help protect you in the future. If the report shows junior liens you need to research them. Not all of them will be automatically satisfied once you sign your house over to the bank and they might come back to haunt you.

If you need more information on foreclosures feel free to contact me via my Naples Florida Foreclosure Listings website by clicking the link. Or you can simply fill out the form at the bottom of this post.

Your Naples Foreclosure Expert,

Benjamin Sovacool