Real Estate Law
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If you can't sell the property in a very short period of time, you best option is to execute a deed in lieu of foreclosure over to the mortgage company. This allows you to avoid the time and expense of a formal foreclosure (and keep it off of your credit information), not to mention that it should get you off the hook for any deficiency judgment in the future (if the house was foreclosed and sold for less than what you owe, the mortgage company has the right to seek the balance from you).
If the bank is willing to take the property back, this is the best route to take.
Feel free to ask any follow-ups.
Generally, an attorney's involvement in a deed in lieu of foreclosure would be preparing the deed. In this instance, the mortgage company probably has a form deed it would use.
That being said, I do not believe it is necessary to hire an attorney, but it may make you more comfortable with the process.
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