Deeds in Lieu of Foreclosure
Alternatives to Foreclosure
We Take Surprises Out of Real Estate Issues
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 attorneys of Weeks & Irvine, LLC, you will learn that there are multiple alternatives to foreclosure. Some are familiar, like short sales and bankruptcy. A less familiar yet effective one 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 affected less
- It is often faster
- There are less 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.
There are numerous risks in any foreclosure or alternative to foreclosure. Don’t walk away from your home without first consulting with us. For more information, please contact our firm.
For experienced legal help in the Charleston, South Carolina area, contact Weeks & Irvine, LLC. To contact us, call 843-553-9800 or 800-553-7449. All materials have been prepared for general information purposes only to permit you to learn more about our firm, our services and the experience of our attorneys. Communication by or through this website does not create an attorney-client relationship. The information presented is not legal advice, is not to be acted on as such, may not be current and is subject to change without notice.