Posted on: 23rd Aug, 2009 04:01 pm
Which one is better a deed in lieu. or a Foreclosure,Chapter 7..?.. I am in a chapter 13 right now and need to move.Owe to much on house to sell.And want to buy a house in 2-3 years! What is the Best way to go about this?
hi chipa,
if you have already filed chapter 13, then you should stick to it. the lender would give you a repayment plan depending upon your financial situation which will help you in paying off the dues in 3-5 years.
however, if you do not wish to continue with chapter 13 bankruptcy, then a deed in lieu of foreclosure would be a good option for you. you will have to surrender the property to your lender who would sell it off. the deficient amount resulting from the sale of the property will be forgiven by the lender. as far as buying another property is concerned, you will have to wait for 3-4 years after the deed in lieu.
thanks
if you have already filed chapter 13, then you should stick to it. the lender would give you a repayment plan depending upon your financial situation which will help you in paying off the dues in 3-5 years.
however, if you do not wish to continue with chapter 13 bankruptcy, then a deed in lieu of foreclosure would be a good option for you. you will have to surrender the property to your lender who would sell it off. the deficient amount resulting from the sale of the property will be forgiven by the lender. as far as buying another property is concerned, you will have to wait for 3-4 years after the deed in lieu.
thanks
Hi Chipa,
Well Chapter7 will never be a good move unless you have no option. You will then be no longer applicable for the loan for at least 7 years. DIL will be the best option for you if you switch from CH 13. But before you to move please read on Chapter 13
http://www.mortgagefit.com/bankruptcy/chapter13.html
All the best!!
Well Chapter7 will never be a good move unless you have no option. You will then be no longer applicable for the loan for at least 7 years. DIL will be the best option for you if you switch from CH 13. But before you to move please read on Chapter 13
http://www.mortgagefit.com/bankruptcy/chapter13.html
All the best!!