By Rachel Lynn Foley, Esq.
March 25, 2012
W is for Weather
In my Bankruptcy Law Network article...
I discuss how one could receive a warrant for their arrest when they thought they could walk away from a home. As I review the weather conditions across the nation in the Spring of 2012 I feel compelled to issue another post about surrendering real property and the possibility of a warrant for one’s arrest.
I usually do not have to cut my grass in Kansas City until May each year however some of my neighbors have already cut their lawn twice. In most counties and cities if you do not cut your grass you can be cited for something known as noxious weeds. Any time your real property, whether it is your yard or your home, falls into disrepair you may be cited for an ordinance violation.
If you are a filing for bankruptcy or just thinking about walking away from your home be aware that you continue to be responsible for the care and maintenance of that property until the ownership changes hands. This is a very critical point.
So if you are thinking about surrendering your home or walking away from it you should consider the following options.
• A deed in lieu will transfer the property without a foreclosure.
• A short sale will allow you to sell your property for less than what you owe on the property.
• A foreclosure is when the mortgage company or a third-party buys the property at the sale.
• A straight sale is when you sell the property to a third-party for what is owed on the mortgage.
You should contact a licensed and experienced bankruptcy attorney or real estate attorney to review your options.
For an experienced bankruptcy attorney in your area you can check here atBankruptcy Law Network or the National Association of Consumer Bankruptcy Attorneys.
Remember that knowledge is power. The more knowledge you have about surrendering your real property the more power you will have to avoid having a warrant issued for your arrest.