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What is a Deed in Lieu of Foreclosure?

The government has established a number of programs to help distressed homeowners who are late on their payments, who are underwater on their mortgage, who are unemployed or who need assistance to refinance their home.  The government describes these programs in detail at the website www.makinghomeaffordable.gov. All of these programs seek to help homeowners dealing with Georgia foreclosures stay in their homes.

What happens if a homeowner does not want to stay in their home and would rather walk away?  Is that even possible?  In those situations, a deed in lieu of foreclosure may be the answer.

As noted on the Georgia Attorney’s General website, a deed in lieu of foreclosure “is a legal document signed by the homeowner to voluntarily transfer ownership of the property to the lender in exchange for a release from the loan.”  In other words, the bank takes the property back and promises not to foreclose or seek any other legal remedy against the homeowner. The homeowner is able to walk away without having to impair their credit any further, and the bank does not have to incur the legal fees involved with a formal foreclosure proceeding.

While signing a deed in lieu of foreclosure may not be as common as other strategies used to avoid foreclosure, it may be a valuable strategy to consider if you would prefer to walk away from your home altogether.  Competent, qualified Marietta foreclosure attorneys can help you determine the best approach for your unique circumstances.

Please call Jeff Field and Associates at 404-381-1278 or contact us online to schedule your appointment.  We are ready to provide you with the help you need today.

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