Search Site
Menu
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.

Leave a Reply

Your email address will not be published. Required fields are marked *

Videos
Our Attorneys
Client Reviews
  • google
    5.0/5.0

    Such an amazing and simple process. They made filing bankruptcy super easy and straight forward. I highly recommend them!

    Read more

    Malik Aamir

  • google
    5.0/5.0

    Mark and Laura are the best. They made everything as easy as possible during this rough time. I highly recommend them and this Company. They helped me get a fresh start. Thanks y’all!

    Read more

    Randall Stephens

  • google
    5.0/5.0

    It was a pleasure working with this firm!!!! I was fully educated on the process and had confidence that my case was being handled properly. Whenever I reached out with questions, Casey and Chris were always very helpful. They also promptly returne...

    Read more

    D D

  • lawyers
    5.0/5.0

    I cannot say enough great things about Jeff! I reached out through through the website only for advice. He made me feel that my issue was very important regardless of how many other things he was needing to tend to. Was so willing to help and provide...

    Read more

    Client

  • lawyers
    5.0/5.0

    Very professional Matt was with me all the way I'm very happy with the attention we sat down in his office and he lissen to me Matt explain everything from A to Z I felt very well when I left Matt office very professional I will recommend Jeff Field ...

    Read more

    Client

See all reviews
Contact us

Please fill out the form below and one of our attorneys will contact you.

Quick Contact Form