Foreclosure

Cwilliams357 · Joined: 03 Nov 2009 Posts: 1 1.28 Dollars($)

I just divorced and the former spouse filed chapter 13 bankruptcy. I would like to do A deed in lieu or short sale the property that's in both our names. Can this be achieved with or without her signature. Also what are the affects of foreclosure. We have two mortgages on the property.

sara · Posted: Tue Nov 03, 2009 4:14 am Post subject:

Hi Cwilliams,

If your husband has included the property in his bankruptcy filing, then you won't be able to apply for a deed in lieu of foreclosure now. If he has not filed bankruptcy, then you can definitely apply for it but your husband will have to sign the deed.

A foreclosure would badly affect your credit score and you would be responsible for the deficient amount resulting from the sale of the property. Apart from this, you will have to pay off the second lender as well. If you do not pay the second lender he may sent it to collections.

Take care.

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