QUESTION
Credit wise, will I get hit with a foreclosure or deed in lieu in addition to the bankruptcy that already shows?
Asked on Aug 15th, 2013 on Foreclosures - North Carolina
More details to this question:
I live in NY and owned an investment property in North Carolina. The property did not work out and I discharged it in a bankruptcy almost two years ago. Since then the mortgage company has scheduled a foreclosure and moved the date several times. They have also offered a deed in lieu. Are there any good reasons for me to accept the DIL? I worry if I do the DIL that I will somehow be sucked into reaffirming new debt. Also, is it likely under either foreclosure or DIL that I will have to pay the difference between what was owed and what the house ultimately sells for?
1 ANSWER
Chapter 13 Bankruptcy Attorney serving Winston-Salem, NC
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Love and Dillenbeck Law
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In neither situation will you be liable for the debt because it should have been discharged in a Chapter 7. My advice is assuming you filed a Chapter 7 and not a 13. I would agree to a deed in lieu if they will give you money to do so. Otherwise, let them foreclose.
Answered on Aug 19th, 2013 at 11:48 AM