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I found on-line a form for a deed in lieu of foreclosure and…

I found on-line a...

I found on-line a form for a deed in lieu of foreclosure and what to know if it is applicable for Puerto Rico,

Lawyer's Assistant: What steps have you taken so far? Have you prepared or filed any paperwork?

No. I have a family member who is in the process of recommending an attorney in Puerto Rico who can do this on my behalf. I do not know how much it would cost. I currently reside in VA and need to know if this is something I can do by myself.

Lawyer's Assistant: Where is the property located?

Carolina, PR

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I am 67 years old, live of a pension, and wife is going through cancer and dialysis treatment in VA. This is the first month I have not made payment and do not want to just let the apartment go into foreclosure.

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Answered in 7 minutes by:
3/24/2018
Loren
Loren, Lawyer
Category: Real Estate Law
Satisfied Customers: 38,801
Experience: 30 years of real estate practice experience.
Verified

Thank you for using JA. I am Loren, a licensed attorney for over 30 yrs., and I am here to help.

I am a certified expert on JustAnswer since 2009, with nearly 100% in satisfied customer ratings. So, we should be able to work through your problem.

I appreciate your patience as I review your question. I will post my response shortly.

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The site may ask you if you wish to speak by phone for an extra charge. Many find the phone call to be the easiest and fastest way to get the information they need without posting on a public forum. I am also happy to continue online.

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Customer reply replied 3 months ago
Thank you!

The issue is not so much the propriety of the deed in lieu form, which the lender can provide, but the terms of the agreement with the lender.

If not done properly, it can trigger tax and other liability.

Therefore, you will want to retain local counsel in PR to make sure that your rights are protected.

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 peer rated. So, they represent the top of the profession.

I am happy to continue if you have further questions.

If (and only if) you are completely satisfied that your question is answered professionally and accurately, even if not the answer you were hoping to get, 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 answering your question.

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

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Customer reply replied 3 months ago
What is a normal rate for the attorney?

Thank you for following up.

There is no set fee. Do not be afraid to negotiate a fee upfront or to counteroffer any quote they give.

It will likely be an hourly rate, but you can negotiate the rate or ask for a cap on fees.

Either way, make sure you get a written retainer.

Loren
Loren, Lawyer
Category: Real Estate Law
Satisfied Customers: 38,801
Experience: 30 years of real estate practice experience.
Verified
Loren and 87 other Real Estate Law Specialists are ready to help you
Ask your own question now
Customer reply replied 3 months ago
OK!

Thank you for using JA. Best of luck.

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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).

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