Mortgages and Foreclosures
If you can't or don't want to keep your home you can:
- Walk away from and surrender the property to your lender, file bankruptcy and eliminate the loan. If you cannot afford to pay your mortgage or you owe more than your home is worth, and just want out, this may be your best option.
- Sell it or agree with your lender to do what is called a "short sale" where you sell the property for less than what is owed to the lender; or
- Agree to deed your property to your lender rather than sell it.
We must caution you that there may be tax consequences that result from short sales, deeds in lieu of sale and foreclosures. Before you decide what your best prospects are, you should first consult with a bankruptcy attorney and your tax advisor.