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Do I need a lawyer to successfully execute a Deed in Lieu of on house in Iowa
Anonymous3 views2 answers
Live in FL, house is in Iowa. Had contract for sale, and moved to FL. Sale fell through due to FHA inspection says basement walls unsafe. FHA will not finance in this condition. (FHA inspections when purchased in 2007 and again in 2009 when refinanced and NO mention of basement walls either time). I cannot afford to keep/pay on the house. Need to do Deed In Lieu. Is it best to hire an attorney to do this successfully and can it be done here in FL?
Hello, I would recommend hiring an attorney in an effort to negotiate a deed in lieu with the bank. If the bank files a foreclosure action in Iowa, I would also recommend hiring an attorney who is licensed in Iowa to represent your interests under Iowa law; it may be ideal to have an attorney who is licensed to practice in both Florida and Iowa.
While you, as borrower, can certainly negotiate a deed in lieu of foreclosure with your lender, I believe it is in your best interest to hire an attorney to handle the matter. You want to ensure that you are protected under the laws of Iowa, where the property is located, against any deficiency or other possible claims from the lender. I recommend contacting an attorney licensed in Iowa to address the issues.
Disclaimer: The above response is not intended to create, nor does it create, either an attorney-client relationship or an ongoing duty to respond to questions. It is intended to be solely the educated opinion of the author and should not be relied upon as legal advice. The response given is based upon the limited facts provided by the inquiring person and additional or differing facts might change the response. Attorney is licensed to practice law only in the states of Illinois and Michigan. Responses are answers to general legal questions and the inquiring party should consult a local attorney for specific answers and advice.
