Whenever a Borrower delivers to a lender a deed-in-lieu of foreclosure, usually in exchange for the lender’s release on the Borrower’s mortgage, under Florida Statutes §201.02(1) the release will be considered a discharge of an obligation and qualifies as “consideration” under Rule 12B-4.013(2)
- If property is worth less than amount of debt The application will be true even if real property is actually worth less than the amount of the mortgage debt being held by the lender. Rule 12B-4.013(2) of the Florida Administrative Code.
- If Lender Forecloses If the lender forecloses on the mortgage and is sold at a public foreclosure action, then the amount of the successful bid at the foreclosure sale is the taxable consideration. F.S.§ 201.02(9)
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