About Voluntary Foreclosure

By Robert Todd
Robert Todd

Robert M. Todd is the managing partner and president of Robert M. Todd, P.A. and Family Law Solutions. He is a certified family mediator and Florida Supreme Court certified civil mediator. He received his bachelor's degree from the University of South Florida and law degree with honors from University of Florida Law School in 1974. He has a wide range of experience in civil trial practice, including family law, worker's compensation, construction litigation and commercial disputes, and health and disability insurance policy claims. Family Law Solutions was established in 2006 with an emphasis on mediation of family law matters. He is a member of the Florida Bar Association, the Family Law Section, the American Bar Association, St. Petersburg Bar Association and the Florida Academy of Professional Mediators, Inc. He has earned an AV rating from Martindale-Hubbell, and served as a speaker for seminars entitled "Child Custody and Shared Parenting" and "The Art of the Settlement."

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Voluntary foreclosure requires the agreement of a particular lender, which depends on the lender determining if the property's worth will satisfy the outstanding debt. Find out how a voluntary foreclosure can result in a deficiency judgment with help from a civil mediator in this free video on foreclosure law.

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Video transcription

You have gotten behind on the mortgage payments on your house and so you're starting to worry about foreclosure and you're worried if foreclosure will mess up your credit for the rest of your life and so forth and so on. And you've heard something from a neighbor about voluntary foreclosure. Bypassing the whole process. Hello, I'm Robert Todd and I'm here to talk about "What is voluntary foreclosure?" Well, first of all, voluntary foreclosure requires the agreement of your particular lender. Generally, foreclosure involves the lender trying to obtain your property because you haven't been paying your mortgage payments. And so the lender goes through a judicial process which ultimately leads to the sale of your property, so that the lender can take possession and ownership of your property and then sell it and see if they can satisfy the mortgage. Well, voluntary foreclosure involves you offering the property to the lender so that the lender doesn't have to sell it or go through the judicial proceedings to sell it. But, again it's up to the lender to determine whether if you voluntarily deed the property back to them, without them going through the judicial process, whether they can get enough money out of that property to satisfy the outstanding debt. If they don't, you're still going to owe what will be a deficiency judgment. So, it is voluntary on your part. It's also voluntary on the lender's part. I'm Robert Todd and thank you for watching.