QUESTION
What do I do on a Deed in Lieu of Foreclosure for Timeshare released that was just received and note owed $2500?
Asked on Dec 02nd, 2015 on Bankruptcy - Michigan
More details to this question:
Timeshare bankruptcy was filed on January 2013. Debts were released. I got Chapter 7. I just received deed as noted and affidavit to release $2500. I now live in Mexico and have since 2013. I got the mail which was not registered mail from a friend in the states who mails my mail but the deed was dated and had 30 days to respond. I get mail 2 or 3 months after he receives it. I have still a bank account there and just the address that mail goes to.
2 ANSWERS
Commercial & Bankruptcy Law Attorney serving Powell, OH
at
Ronald K. Nims
Update Your Profile
No attorney can advise you concerning documents that the attorney hasn't reviewed. That said, as a general rule, it makes sense to do a deed in lieu of real estate, including timeshares, that you're surrendering as part of a bankruptcy. First, timeshares are worthless so you're not giving up any equity. If you don't do the deed in lieu, they will probably file a foreclosure suit. That will go on your credit report and screw up your credit rating.
Answered on Dec 17th, 2015 at 4:58 PM
Appellate Attorney serving Grosse Pointe Farms, MI
at
Musilli Brennan Associates, PLLC
Update Your Profile
I do not fully understand the circumstances except you need an attorney and a more timely manner to receive your mail.
Answered on Dec 14th, 2015 at 7:49 AM