Posted on: 31st Aug, 2010 08:44 am
Hello, I have a question for anyone out there that can help. What exactly is a "deed in lieu of forclosure", we wanted to file banckructy but the bank told us we needed to file this "deed in liue of forclosure" instead but now we still have 2 cars we cant afford and one they have already taken. If we sign this paper they sent today, can we still file banckructy on the cars and our other debt? need help fast. thank you....jenndave
Hey,Im actually GOing through the deed and lieu process now.It is were you basically ask the lender to clear all of the debt and just give your home back to them.THat is without any further payments or further credit troubles.Might I add,it is a long drawn out process.Ive been at it for 6 months.
hi jenndave,
a deed in lieu of foreclosure is completely different from bankruptcy. it will help you in getting rid of the property and you won't be liable for paying any balance dues to the lender. it will not help you in getting rid of the car payments. you can still file bankruptcy though you go for a deed in lieu of foreclosure.
a deed in lieu of foreclosure is completely different from bankruptcy. it will help you in getting rid of the property and you won't be liable for paying any balance dues to the lender. it will not help you in getting rid of the car payments. you can still file bankruptcy though you go for a deed in lieu of foreclosure.
I just signed my papers so i hope this does not take forever. The bank did tell me that if they can sale my house for more then what it is worth they would put that money toward my car. I thought that it would be in writing but i was wrong, should I worry?
Hi jenndave,
Your query has been replied to in the given page:
http://www.mortgagefit.com/inprocess/about43258.html#180480
Take a look at it. Hope it helps you.
Thanks
Your query has been replied to in the given page:
http://www.mortgagefit.com/inprocess/about43258.html#180480
Take a look at it. Hope it helps you.
Thanks
When a bank is considering a deed in lieu, will they send a Realtor to your house to take pictures of it for the them?
Hi drifter,
The bank might want to look at the condition of the property before they agree to a deed in lieu of foreclosure. In order to do so, then might send an official to take some pictures of your property.
Thanks
The bank might want to look at the condition of the property before they agree to a deed in lieu of foreclosure. In order to do so, then might send an official to take some pictures of your property.
Thanks
I did get a call from a Realtor in my area last Friday, we are meeting today for her to take pictures of the house. I asked her, who wanted her to do this and she answered the mortgage company. This is what I figure is going on. I did request a deed in lieu. Thank you Jameshogg