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I filed a Chpt 7 last year in which I never reaffirmed or signed a reaffirmation to my mortgage. However, I have since been making the mortgage payments--although it has been a huge struggle to do so. I recently looked into selling my house and as a result found out that the value has dropped at least $30k, yet I still have a huge mortgage payment that I can't keep up with much longer. I looked into refinancing but they turned me down due to my bankruptcy. So, as a result, I notified the mortgage company that I'd like to file a deed in lieu. My question is, do I have to be behind in mortgage payments in order to do this? Or does my bankruptcy allow this?

sara · Posted: Thu Aug 13, 2009 3:13 am Post subject:

Hi m,

Generally, a deed in lieu is accepted only if you are delinquent on your mortgage payments. As you filed for bankruptcy and did not reaffirm the debts, you are not personally liable for it. So, I think you should apply for a deed in lieu and check out what the lender has to say in this regard. I think he would consider your request and agree to a deed in lieu.

Take care.

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NJ Chapter 7--Deed in Lieu Question