Real Estate Law

Have Real Estate Law Questions? Ask a Real Estate Lawyer.

Ask a Lawyer,
Get an Answer ASAP!

Real Estate Law

I would like to give back my house to the lender, is it

Customer Question
possible, to handover the...
I would like to give back my house to the lender, is it possible, to handover the keys without too many repercussion as I have put my house on the market for two months and there are no buyers
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: Windermere, florida
JA: Has anything been filed or reported?
Customer: no. we are current with our payment, but it is becoming a burden to keep the house
JA: Anything else you want the lawyer to know before I connect you?
Customer: no
Submitted: 1 year ago.Category: Real Estate Law
Show More
Show Less
Ask Your Own Real Estate Law Question
Answered in 1 minute by:
11/2/2016
Real Estate Lawyer: Loren, Lawyer replied 1 year ago
Loren
Loren, Lawyer
Category: Real Estate Law
Satisfied Customers: 35,920
Experience: 30 years of real estate practice experience.
Verified

Good afternoon. I am Loren, a Florida licensed attorney, and I look forward to assisting you.

Ask Your Own Real Estate Law Question
Real Estate Lawyer: Loren, Lawyer replied 1 year ago

By the way, as a member, you can switch to a phone call for free to talk through the issue. Let me know if you would like to talk on phone or continue online.

Ask Your Own Real Estate Law Question
Real Estate Lawyer: Loren, Lawyer replied 1 year ago

You have three basic options.

First, you can try to sell the unit and work out a short sale. That is where the unit would sell for less than is owed and the lender would agree to release the note and mortgage in return for the net proceeds of the sale.

Next, and this is what you are referring to in your question, is a deed in lieu of foreclosure. That is a negotiated agreement where you voluntarily deed the property to the lender without the lender having to go through the foreclosure process. As part of the negotiation, the lender would release the not and mortgage. You might also be able to get them to stipulate that the value of the property is the remaining balance of the mortgage. That way, you would not get a 1099 for the amount debt forgiveness.

The last option is to just walk away. It is the riskiest because you have no negotiated terms and the lender could have options regarding deficiency.
It is a good idea to have an attorney represent you. Lenders are notorious for giving unrepresented borrowers the run-around. A general business or debtor/creditor attorney could help you.

As for fees, there is no set rate and it should be negotiated upfront. The fees will be hourly and the cost will depend on the amount of time. Of course, the hourly rate for a large firm will be more than a storefront neighborhood attorney.

If you need assistance finding local counsel try Martindale Hubble (site rules prohibit us from referring specific attorneys) . Many attorneys themselves use this site to locate attorneys outside their jurisdiction or expertise:

http://www.martindale.com/Find-Lawyers-and-Law-Firms.aspx

It is a huge worldwide database searchable by location and specialty. The attorneys are all peer rated. So, they represent the top of the profession.

Ask Your Own Real Estate Law Question
Real Estate Lawyer: Loren, Lawyer replied 1 year ago

If you have no further questions, and have not yet done so, please remember to leave a favorable rating (click 5 stars in the rating section on this page). It is the only way that I am credited by JustAnswer for assisting you.

There is no additional charge to you for rating me favorably.

A bonus is not expected, but is always appreciated.

Thank you!

Loren

Ask Your Own Real Estate Law Question
Ask Loren Your Own Question
Loren
Loren
Loren, Lawyer
Category: Real Estate Law
Satisfied Customers: 35,920
35,920 Satisfied Customers
Experience: 30 years of real estate practice experience.

Loren is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Tina

Tina

Lawyer

5,436 satisfied customers

17 years of legal experience including real estate law.

Barrister

Barrister

Lawyer

11,126 satisfied customers

17 years real estate, Realtor. Landlord 26 years

Infolawyer

Infolawyer

Lawyer

7,785 satisfied customers

Experienced lawyer

Ray

Ray

Lawyer

7,559 satisfied customers

Texas Attorney for 30 years dealing in real estate

LawTalk

LawTalk

Attorney

6,207 satisfied customers

I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.

Dimitry Esquire

Dimitry Esquire

Attorney

5,526 satisfied customers

JA Mentor, multiple jurisdictions, specialize in business/contract disputes, estate creation & admin

Ely

Ely

Counselor at Law

4,925 satisfied customers

Qualified attorney in private practice including business, family, criminal, and real estate issues.

< Previous | Next >

Related Real Estate Law Questions
How does the statute of limitations on real estate property
How long does the statute of limitations on real estate property tax in Kentucky remain in effect? I inherited property from my parents who inheritied property from my uncle who purchased the property… read more
Phillips Esq.
Phillips Esq.
Attorney
Juris Doctor
18,406 satisfied customers
Tina. 60607 real estate attny? no. selling to sellers
hi tina. JA: What state are you in? It matters because laws vary by location. Customer: 60607 real estate attny ? JA: Has anything been filed or reported? Customer: no. JA: Anything else you want the … read more
Attyadvisor
Attyadvisor
Doctoral Degree
7,188 satisfied customers
If a real estate agent is aware that a rental property has
If a real estate agent is aware that a rental property has had rats that were exterminated, must this info be given to a prospective renter? … read more
Barrister
Barrister
Lawyer
Doctoral Degree
11,126 satisfied customers
I( Buyer) was in real estate contract for single family
I( Buyer) was in real estate contract for single family house and I backed off within option period. I want my Ernest money, however the seller already spent the money. My realtor requested seller to … read more
Roger
Roger
Litigation Attorney
Doctoral Degree
26,880 satisfied customers
This relates to a real estate transaction in Texas. I am the
This relates to a real estate transaction in Texas. I am the seller with a house under contract for purchase. The contract says the closing will occur on or before January 18, 2018. It did not occur. … read more
Ray
Ray
Lawyer
Doctoral Degree
7,559 satisfied customers
I currently hold a Real Estate License and Mortgage License
I currently hold a Real Estate License and Mortgage License in the state of Colorado. I am being told that I am a risk to hire from a local Real Estate Office because hold both. I do not double side a… read more
Infolawyer
Infolawyer
Lawyer
Doctoral Degree
7,785 satisfied customers
Got disconnected... In re: to my real estate questions, is
Got disconnected... In re: to my real estate questions, is this attorney a Texas attorney? … read more
Asad Rahman
Asad Rahman
Attorney
J.D.
2,304 satisfied customers
Is cold calling still legal for real estate agents?
is cold calling still legal for real estate agents? … read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
My question is in regard to real estate in south Florida.
Hi! My question is in regard to real estate in south Florida … read more
Barrister
Barrister
Lawyer
Doctoral Degree
11,126 satisfied customers
Real Estate Question. In received notice to collect a debt
Real Estate Question. In received notice to collect a debt on a house in Monroe County, PA. I haven't lived in that house for at least three years (i co-signed to help my sister and her son) I was for… read more
Barrister
Barrister
Lawyer
Doctoral Degree
11,126 satisfied customers
I was wondering if real estate property was held in a sole
I was wondering if real estate property was held in a sole prop and more real estate was aquired to fix up and then held as rentals would it be wise to split the sole prop into real estate and constru… read more
WiseOwl58
WiseOwl58
JD Honors Graduate
3,726 satisfied customers
I need a real estate lawyer who knows real estate in Oregon
I need a real estate lawyer who knows real estate in Oregon I need a lawyer who specializes in real estate law in the state of Oregon. I am quitting my current property manager and I will be managing … read more
Irwin Law
Irwin Law
Juris Doctor JD
7,093 satisfied customers
I need to ask a question about real estate/mortgage contract
Hi I need to ask a question about real estate/mortgage contract law in Philadelphia … read more
Infolawyer
Infolawyer
Lawyer
Doctoral Degree
7,785 satisfied customers
Real estate question. NC. Mortgage. Need to know if fha pr
need to know if fha pr va loans will allow for spring water instead of well… read more
N.Brown ESQ
N.Brown ESQ
Juris Doctorate
17 satisfied customers
If I'm a mortgage banker, can I own a real estate brokerage
If I'm a mortgage banker, can I own a real estate brokerage and have my agents use me as their preferred lender? … read more
Phillips Esq.
Phillips Esq.
Attorney
Juris Doctor
18,406 satisfied customers
I have a real estate question related to Florida Real Estate
I have a real estate question related to Florida Real Estate law. … read more
LegalKnowledge
LegalKnowledge
Juris Doctor
28,210 satisfied customers
Real estate law I'm the seller i signed real estate contract
Real estate law I'm the seller i signed real estate contract now i dont want to sell I initialed the contract instead of signing the sale price was illegible so the seller sent an amendment for me to … read more
Damien Bosco
Damien Bosco
3,395 satisfied customers
I have a Reverse Mortgage and became behind on real estate
I have a Reverse Mortgage and became behind on real estate taxes. I entered into an installment agreement with Riverside County, which my lender ignored and paid in full with the County. Now the Lende… read more
Infolawyer
Infolawyer
Lawyer
Doctoral Degree
7,785 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x