QUESTION
We filed chapter 7 and surrendered the home and now the lender is sending deed in lieu papers for us to sign should I sign?
Asked on Oct 18th, 2012 on Bankruptcy - Michigan
More details to this question:
We have moved out of the house. Our bankruptcy is discharged.
9 ANSWERS
Bankruptcy Attorney serving Alpena, MI
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Carl C. Silver Attorney at Law
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You would only be doing the lender a favor by signing a deed in lieu. If the lender is offering cash for the deed in lieu be careful the agreement with the lender does not involve your assuming any debt.
Answered on Oct 23rd, 2012 at 8:11 AM
I suggest having an attorney review the papers before signing. I also assume that your mortgage debt was discharged in bankruptcy.
Answered on Oct 19th, 2012 at 9:01 PM
Criminal Defense Attorney serving Deltona, FL
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R. Jason de Groot, P.A.
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If you do not sign the deed in lieu, the bank will have to foreclose.
Answered on Oct 19th, 2012 at 6:25 PM
Whether you should sign a deed in lieu depends on whether you are ready to put your ownership obligations with your real estate behind you or not. If you think you might do better with a short sale offering you a "kickback," talk to a local Realtor specializing in short sales for advice.
Answered on Oct 19th, 2012 at 6:23 PM
Daniel James Wilson
Ask for money.
Answered on Oct 19th, 2012 at 6:07 PM
Bankruptcy Attorney serving Myrtle Beach, SC
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Law Office of Margaret L. Evans, PC
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Question: We filed chapter 7 and surrendered the home and now the lender is sending deed in lieu papers for us to sign should I sign? *- yes, because they can't assess any deficiency judgment against you so all they are asking is that you sign the deed over to them so that they don't have to foreclose (its in your best interest - generally - to sign the DEED-IN-LIEU of foreclosure) *
Answered on Oct 19th, 2012 at 6:03 PM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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Make sure that you talk to an attorney about the document. It is possible that the deed in lieu has a provision that you will pay a certain amount of debt. Depending on where your property is located it might be better to let them foreclose.
Answered on Oct 19th, 2012 at 2:34 PM
Bankruptcy Attorney serving Walnut Creek, CA
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Alan E. Ramos Law Offices
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You should have an attorney review the documents before you sign them. The devil is always in the details and you want to make sure that you are not doing something that can hurt you later.
Answered on Oct 19th, 2012 at 2:33 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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See an attorney. This is not unusual but the devil is in the details and therefore no easy answer, which you should rely upon, is possible. The proposed papers must be reviewed.
Answered on Oct 19th, 2012 at 2:32 PM