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Achieving Mortgage Debt Relief with a Deed in Lieu of Foreclosure

Providing clients with sound alternatives

If you are prepared to leave your home in exchange for being relieved of the balance of your mortgage debt, giving your creditor a deed in lieu of foreclosure may be a good option for you. Under this foreclosure prevention strategy, you voluntarily surrender the deed to your house to your creditor, which prevents or stops foreclosure proceedings. Our skilled debt relief attorneys with the Miller Law Group, P.C. can protect your interests if you choose to surrender your deed and ensure you won’t be subject to foreclosure at a later date.

Advantages of a deed in lieu of foreclosure

If you are facing imminent foreclosure and lack the time to participate in a short sale, providing a deed in lieu of foreclosure may be a more efficient option. If your lender agrees to accept a deed in exchange for forgiving your debt, you are exempt from finding a buyer for your property or participating in a lengthy and expensive real estate sale process. These and other advantages make deeds in lieu of foreclosure an attractive option for you if you’re trying to prevent foreclosure.

Are all properties eligible for a deed in lieu of foreclosure?

In a word, no. Only properties that are free of liens and have no additional mortgages are eligible for a deed in lieu of foreclosure. If there’s a lien on your property for any of the following reasons, you may be unable to hand over your deed in lieu of foreclosure:

  • Home repair work
  • Financial judgments
  • Unpaid taxes

As experienced debt relief attorneys, we can help you determine whether a deed in lieu of foreclosure is right for you. If you decide to proceed, we help you communicate with your lender, handle negotiations and draw up the deed to successfully achieve your financial goals.

Contact us to discuss how a deed in lieu of foreclosure can save your home

If you’re at risk of losing your home, our attorneys with the Miller Law Group, P.C. can help you determine whether a deed in lieu of foreclosure is a viable option. We know that time is of the essence in credit matters, and we aggressively pursue alternatives to foreclosure.  With more than 30 years of combined experience, our attorneys and professional staff work hard to protect what's important to our clients in Albemarle County and surrounding counties: their assets and their families. Call us locally at 434-974-9776 or contact us online today for your FREE APPOINTMENT. Our law firm is located behind the Senior Center in Charlottesville and is handicapped-accessible. Parking is available outside the door.

Serving the communities of central Virginia, including Albemarle, Augusta, Buckingham, Charlottesville, Culpeper, Fluvanna, Greene, Louisa, Madison, Orange, Harrisonburg, Staunton and Waynesboro

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Miller Law Group, P.C.
1160 Pepsi Place, Jordan Building, Suite 341
Charlottesville, Virginia, 22901 USA
434-974-9776