Walking Away?

Some people think that simply walking away is the best option. Choosing this option will result in short term satisfaction and long term pain. Heavy deficiency balances due and severe credit damages loom for the long run. Repair on these damages will take an incredible amount of time and money.

If you are leaning towards walking away, you must negotiate a “deed in lieu of foreclosure” contract with the bank. A deed in lieu will allow you to avoid the extreme liabilities of simply walking away. There are many clauses within a deed in lieu contract that are extremely complex. Negotiating the proper deed in lieu contract does require the expertise of an aggressive attorney.