Posted on: 29th Oct, 2008 10:46 am
We are in the process of doing a deed in lieu of forclosure for our home.
We recieved the papers from our credit union and
listed is a clause, is that the credit union can sue us for back monies owed to them. They are paying us a monitary amount of $10.00. We were told that when doing a deed in lieu, you are not required to pay back monies owed. We can not afford an attorney,we
are in our current financial situation due to my husband becoming fully disabled because of kidney failure. Any help you could provide will be greatly appreciated.
We recieved the papers from our credit union and
listed is a clause, is that the credit union can sue us for back monies owed to them. They are paying us a monitary amount of $10.00. We were told that when doing a deed in lieu, you are not required to pay back monies owed. We can not afford an attorney,we
are in our current financial situation due to my husband becoming fully disabled because of kidney failure. Any help you could provide will be greatly appreciated.
hello sandy,
if the bank accepts a "deed in lieu of foreclosure" they can still get a deficiency judgment. some states do not allow for deficiency judgments. sometimes it also depends on whether the foreclosure is judicial or non-judicial, and the specific terms of the mortgage, the bank may not be able to seek a deficiency judgment. be sure to check with your state's laws.
let us know if you still have questions.
good luck. :d
if the bank accepts a "deed in lieu of foreclosure" they can still get a deficiency judgment. some states do not allow for deficiency judgments. sometimes it also depends on whether the foreclosure is judicial or non-judicial, and the specific terms of the mortgage, the bank may not be able to seek a deficiency judgment. be sure to check with your state's laws.
let us know if you still have questions.
good luck. :d
Hi Sandy!
According to law, in some states, the lenders can get a deficiency judgment. In that case, they can claim the deficient amount that you owe. Cliff is absolutely right in saying that you should check the state laws first.
Thanks,
Jerry
According to law, in some states, the lenders can get a deficiency judgment. In that case, they can claim the deficient amount that you owe. Cliff is absolutely right in saying that you should check the state laws first.
Thanks,
Jerry
