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Should I proceed with a dee in lieu of forclosure after I have been discharged of CH7?

Should I proceed with a dee in lieu of forclosure after I have been discharged of CH7?

Hello,

I have been discharged for my CH7 Bankruptcy and had my property reafirmed. I've been living in the property for almost a year now and would like to move on... I've received a letter from BoA regarding a deed in lieu of foreclosure. Is this something I should proceed with? If so what are the pros and cons?

Thanks


rsantaana151's picture
rsantaana151
6-12-2011

2 Answers
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1
Deed in lieu of a foreclosure is a good way to get out of a home mortgage loan. In this process, instead of going through the foreclosure process, you have to hand over the keys to your lender. The main advantage of this program is that you can get free from your mortgage very quickly. Moreover, the negative effect of deed in lieu on your credit score is less than the foreclosure process. For your lender also, this is more acceptable as it is much faster than foreclosure and your lender can immediately take control of your home. But, in case the house has to be sold, your lender may suffer losses.      

Anonymous | Asked on 2011-12-06


1
You can consider the option of deed in lieu of foreclosure in order to get rid of the property. If you go for this option, you won't even be liable for paying the deficient balance resulting from the sale of the property.

adonis | Asked on 2012-02-09

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