Posted on: 20th Oct, 2009 11:16 am
i am in chapter 7 right now, and have chosen to surrender the property. the whole foreclosure pprocess will take 8 to 12 months, and i am told i have to maintain said property untill the foreclosure. if the bank will do a deed in luie of forclosure, what is the cost to me?
why cant i just abandon the property?
why cant i just abandon the property?
Hi gunnydb,
As far as I know, after the surrender of the propertyto the lender, you do not remain liable for it. However, you can apply for a deed in lieu of foreclosure and check out if the lender agrees to it. It will be the lender's discretion whether or not he would agree to it.
Thanks
As far as I know, after the surrender of the propertyto the lender, you do not remain liable for it. However, you can apply for a deed in lieu of foreclosure and check out if the lender agrees to it. It will be the lender's discretion whether or not he would agree to it.
Thanks