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Located in San Antonio Texas 11815 W IH-10 #107 San Antonio, TX 78230
Maas law firm logo.
Real Estate Attorney – Located in San Antonio Texas
JD GARZA
JD GARZA
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Victor is a mover & shaker in the Real Estate Investment business...I recommend him anytime.
Dan Diaz
Dan Diaz
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Excellent atty. Highly recommendable. Quick & knowledgable.
Larry Offutt
Larry Offutt
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I have used the firm in both purchasing & sell transactions. each time was a pleasure.
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Foreclosure Help

Deed in Lieu of foreclosure

October 27, 2020
Maas law firm logo.
Ask a question
Call: 210-468-1831
Maas law firm logo.
Real Estate Attorney – Located in San Antonio Texas
JD GARZA
JD GARZA
Read More
Victor is a mover & shaker in the Real Estate Investment business...I recommend him anytime.
Dan Diaz
Dan Diaz
Read More
Excellent atty. Highly recommendable. Quick & knowledgable.
Larry Offutt
Larry Offutt
Read More
I have used the firm in both purchasing & sell transactions. each time was a pleasure.
Ask a question

Deed in Lieu of foreclosure

A deed in lieu of foreclosure (DILF) is a deed that transfers the property back to the lender in order to cancel a debt. It requires the lender’s consent and cooperation, but it is an alternative option to facing foreclosure. There are some advantages to using a deed in lieu of foreclosure:
  • A DILF can be done more quickly than the minimum required time to complete a foreclosure. Your issues with the loan are solved much sooner, and you are able to move on more quickly.
  • A DILF can be less expensive, because there are very few fees. The fees of creating the deed, title search, appraisal, and possibly several thousands of dollars in lender’s fees compared to the fees associated with foreclosing.
  • The sale of the home is not public. It is not publicized as a foreclosure, because they are more confidential.
  • The debtor’s credit is unaffected.
A lender does not have to cooperate or give consent for you to give back the home to avoid foreclosure. Most of the time it is required that the home’s value exceeds the loan amount in order to do a DILF. For a DILF to be useful to a lender, they must be able to resell the home. If the home does not look like it originally did and has become run down, then it will make it difficult for your lender to decide if a DILF is a good option for them. If the lender can’t sell it, then there is no recouping their loss.
Price: $500 (Setup an appointment here)

In this video:

  • What is a deed in Lieu of Foreclosure? 
  • What are some reasons to do DILF? 

Table of Contents

When you are considering a deed in lieu of foreclosure

A deed in lieu of foreclosure has specific rules. If these rules are broken, it makes the original lender able to rescind the deed for up to four years.

Below are some of the ways for a lender to rescind the deed:

  • A homeowner failed to disclose a lien or encumbrance.
  • The lender had no knowledge of the undisclosed lien.
  • At that time, the lender can foreclose and file to rescind the deed.

What happens in a foreclosure?

small figuring home with eyeglass

After a foreclosure, the debtor remains personally liable for the unsatisfied portion of the promissory note and associated foreclosure expenses. When this happens, the lender may seek repayment through a deficiency judgment. Under a DILF, lenders lose the right to recover the deficit.

What are some of the options for ending the foreclosure process?

  • Paying off the debt before the foreclosure sale also known as an equity of redemption.
  • Refinancing with another lender. It may be impossible to do this due to poor credit and the time required to complete an entire refinance.
  • Selling the property and paying off the debt.
  • Conveying the property back to the lender in exchange for cancelling the debt, a deed in lieu of foreclosure.

FAQ

A deed in lieu of foreclosure, is a transfer of the ownership back to the original owner or lien holder. This stops the foreclosure & prevents them from collecting any more debt that is said to be owed.

Sometimes the property is not in great shape enough to sell, or the resale value is not as much as the loan amount owed.

You can always negotiate the time to move out, and when the contract is to be signed. You can also negotiate is some fees will be added for attorney costs.

Other Foreclosure Related Services We Offer

Maas Law Firm, Texas Real Estate Attorney

We are a San Antonio Real Estate Law firm that offers fixed fee rates for a variety of legal transaction services, including Owner Finance & Wraparound Closings, Foreclosures, Deeds & Releases, Real Estate Contracts, Title Issues & Judgments, Wills & Estates, Probate & Administration, & LLC Formations. If you need help assessing your case give our office a call. 

Victor has been doing real estate transactions as a lawyer since 2002 & as an investor himself since 2003. There are a lot of nuances with real estate & we hope that if you have any questions to contact us during regular business hours. Along with being a Real Estate Attorney, Victor is also a Real Estate Broker, making his expertise long standing & efficient. 

Serving san antonio since 2002.
Michael Eronini
Michael Eronini
Read More
Victor has closed a bunch transactions for us. Very knowledgeable & efficient!
Mandy Molina
Mandy Molina
Read More
Mr. Maas is extremely professional & makes the process quick & painless. Thank you for helping me today. You're a blessing.
Alfredo Ibarra
Alfredo Ibarra
Read More
This lawyer knows his stuff & doesn’t back down from a fight!
JD GARZA
JD GARZA
Read More
Victor is a mover & shaker in the Real Estate Investment business...I recommend him anytime.
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Maas Law Firm, Texas Real Estate Attorney

We are a San Antonio Real Estate Law firm that offers fixed fee rates for a variety of legal transaction services, including Owner Finance & Wraparound Closings, Foreclosures, Deeds & Releases, Real Estate Contracts, Title Issues & Judgments, Wills & Estates, Probate & Administration, & LLC Formations. If you need help assessing your case give our office a call.  Victor has been doing real estate transactions as a lawyer since 2002 & as an investor himself since 2003. There are a lot of nuances with real estate & we hope that if you have any questions to contact us during regular business hours. Along with being a Real Estate Attorney, Victor is also a Real Estate Broker, making his expertise long standing & efficient. 
Michael Eronini
Michael Eronini
Read More
Victor has closed a bunch transactions for us. Very knowledgeable & efficient!
Mandy Molina
Mandy Molina
Read More
Mr. Maas is extremely professional & makes the process quick & painless. Thank you for helping me today. You're a blessing.
Alfredo Ibarra
Alfredo Ibarra
Read More
This lawyer knows his stuff & doesn’t back down from a fight!
JD GARZA
JD GARZA
Read More
Victor is a mover & shaker in the Real Estate Investment business...I recommend him anytime.
Previous
Next

Maas Law Firm, Texas Real Estate Attorney

Serving san antonio since 2002.

We are a San Antonio Real Estate Law firm that offers fixed fee rates for a variety of legal transaction services, including Owner Finance & Wraparound Closings, Foreclosures, Deeds & Releases, Real Estate Contracts, Title Issues & Judgments, Wills & Estates, Probate & Administration, & LLC Formations. If you need help assessing your case give our office a call. 

Victor has been doing real estate transactions as a lawyer since 2002 & as an investor himself since 2003. There are a lot of nuances with real estate & we hope that if you have any questions to contact us during regular business hours. Along with being a Real Estate Attorney, Victor is also a Real Estate Broker, making his expertise long standing & efficient. 

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Directions

A map showing the location of de zeelo rd.

Located on IH-10 Between Huebner & De Zavala off Woodstone: 11815 W IH-10 #107, San Antonio, TX 78230

Directions

A map showing the location of de zeelo rd.

Located on IH-10 Between Huebner & De Zavala off Woodstone: 11815 W IH-10 #107, San Antonio, TX 78230

Contact

Fields marked with an * are required

Directions

A map showing the location of de zeelo rd.

Located on IH-10 Between Huebner & De Zavala off Woodstone: 11815 W IH-10 #107, San Antonio, TX 78230


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