Posted on: 21st Mar, 2012 02:53 pm
i had a bankruptcy in 2011 for a complete discharge of debt. I had a duplex in memphis TN, i reside in CA. I am wanting to know my next step in letting this property go. I was advised from my bankruptcy attorney that after my discharge that it would go back to the bank. This does not seem to be the case. Can I do a deed in lieu....
sometimes, the lender will not proceed with a deed in lieu of foreclosure if the outstanding indebtedness of the borrower exceeds the current fair value of the property. other times, lenders will agree since they will end up with the property anyway and the foreclosure process is costly to the lender.
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Hi booshucka!
Welcome to forums!
If you haven't reaffirmed your mortgage debt while you were in bankruptcy filing, then you can contact your lender and apply for a deed in lieu of foreclosure. This will help you in getting rid of the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you haven't reaffirmed your mortgage debt while you were in bankruptcy filing, then you can contact your lender and apply for a deed in lieu of foreclosure. This will help you in getting rid of the property.
Feel free to ask if you've further queries.
Sussane
Booshucka,
You need to contact your servicer right away, every investor has different requirements for a deed in lieu. I some cases you have to pursue a short sale prior to requesting a deed in lieu. In addition, as you get closer to a sale date for the foreclosure your chances decrease for a requesting a deed in lieu. Most require you apply at least thirty days prior to the sale date.
JM
You need to contact your servicer right away, every investor has different requirements for a deed in lieu. I some cases you have to pursue a short sale prior to requesting a deed in lieu. In addition, as you get closer to a sale date for the foreclosure your chances decrease for a requesting a deed in lieu. Most require you apply at least thirty days prior to the sale date.
JM