deeded foreclosure
I have a bankruptcy, deed in lieu of foreclosure question?
Over two years ago I walked away from my house. At the same time I filed bankruptcy and included the house in it. I was planning on foreclosing on the property but to this day the bank has not started the foreclosure proceedings. I received a phone call this morning from the mortgage company informing me that if I sign the deed over to them they will pay me several thousand dollars. If I opt for the deed in lieu of foreclosure would I be financially liable for anything on the house?
Deed in lieu of foreclosure is a very viable option for some people in trouble with their finances. What I would suggest is that you look at the paperwork and make sure that the lender is not going to pursue you for any deficiencies later on. If that is the case, I would certainly talk to a tax accountant or attorney about this.
