In the current economy we are constantly barraged with foreclosure statistics. Sometimes it seems like homeowners have two options: continue to hold onto a house or let the house go into foreclosure. When you work with the real estate attorneys at Shadrix & Parmer, P.C., you will learn that there are numerous alternatives to foreclosure. Some are familiar, like bankruptcy. A less familiar yet effective one is a deed in lieu of foreclosure.
What is a Deed in Lieu of Foreclosure?
A deed in lieu of foreclosure allows a borrower to convey his or her interest in a property to the lender. The advantages over foreclosure are that:
- The borrower may be immediately released from most or all of the debt;
- The borrower’s credit may be less affected;
- It is often faster; and
- There are fewer parties involved
Despite the advantages of a deed in lieu of foreclosure, challenges and risks still remain. For instance, the bank may wish to hold the borrower responsible for part of the deficiency. Also, the borrower may have to pay taxes on the money saved.Shadrix & Parmer, P.C., can handle the entire legal process and advocate for your rights from start to finish. We can negotiate with the bank to decrease or eliminate your debt liability.
Don’t walk away from your home without first consulting with us. For experienced legal help in the West Georgia area, contact Shadrix & Parmer, P.C. at 770-830-0809.