QUESTION
Would doing a deed in lieu help my credit at all? Will the foreclosure affect my credit?
Asked on Jun 25th, 2013 on Bankruptcy - Florida
More details to this question:
I filed for chapter 7 in 2011 after divorce. Ex stayed in the property. We had 1 vacant lot next to a lot with a mobile home. After bankruptcy was discharged I quit claimed the deeds over to him. Now 2 years later the bank is finally moving forward to foreclose and ex wants to do a deed in lieu. I understand my name is still on the note, so he can't proceed without my signature.
6 ANSWERS
Bankruptcy Law Attorney serving Austin, TX
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Law Office of Susan G. Taylor
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Doubt whether the lender will do a deed in lieu of foreclosure, but it would probably be better for you if they would.
Answered on Jun 28th, 2013 at 1:40 PM
Bankruptcy Attorney serving Livonia, MI
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Charles J. Schneider, P.C.
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Not really.
Answered on Jun 26th, 2013 at 7:34 PM
Bankruptcy Attorney serving Florissant, MO
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Law Offices of Thomas Corcoran Phipps
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If you can avoid a foreclosure, it will be better for your credit rating.
Answered on Jun 26th, 2013 at 9:49 AM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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I need the details of the divorce decree and the discharge to answer your question.
Answered on Jun 26th, 2013 at 9:29 AM
A deed in lieu is better than a foreclosure for several reasons, but a deed in lieu will still damage your credit in a significant way.
Answered on Jun 26th, 2013 at 9:21 AM
Sanford M. Martin
Generally, one benefit from a DIL compared to a foreclosure is the more positive effect on credit ratings. A DIL is similar to a sale and should have no negative effect. Realize that each DIL agreement should be reviewed for such provisions as deficiency judgments.
Answered on Jun 26th, 2013 at 9:20 AM