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Deed in Lieu or foreclosure during bankruptcy

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sumami3246 Joined: 27 Aug 2010 Posts: 2 1.62 Dollars($)	Posted: Sun Aug 29, 2010 11:11 am    Post subject: Deed in Lieu or foreclosure during bankruptcy Like 0 Dislike 0 We live in Florida and have filed Chapter 7. We have decided to include our home in the bankruptcy and surrender it to the lender either by deed in lieu or foreclosure. My question is this. If we owe 180,000 and the home is only worth 130,000, can we be held liable for the difference with a deficiency judgement or is that wiped out in the bankruptcy? The bankruptcy was filed in July so it hasn't yet been discharged (if that matters).
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Sun Aug 29, 2010 8:07 pm    Post subject: Like 0 Dislike 0 Hi sumami, In case of a deed in lieu of foreclosure, the lender forgives the balance dues resulting from the sale of the property. You won't be liable for the balance dues after the property is sold off at the auction. Thanks

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