forclose or deed in lieu?

[B65]

I am moving out into my rental in 3 weeks.... not paid mortgage since feb when my discharge came through.. We are staying in the same area, I wish in some ways I was moving to another area, i could have done but chose to stay .. I am so embarrased it will be in the newspaper..I am regretting my decision. I am now wishing I stayed in here even longer (possibly another 4-6 months with a fight) and took my chances with a rental in another area... Would have given up my job and pulled DD out of school that's why i chose to stay..(my job is comission based so not earning much anyway)...

is there any advantage to me offering a deed in lieu rather than things just take it's course? would i owe transfer tax with a deed in lieu?

I have had such a stressful year I find it hard to make the right decisions anymore... Dh just wants all this behind him thats why we signed the rental... I just feel like everyone will know our business and we should have moved away....

anyone been through this after chapter 7....(house was included in BK)

B

[itsjustmoney]

A deed in lieu vs. a foreclosure will save the lender from going through the expense of attys, filing fees, etc. It will not do anything for your credit or look any better/worse for you with regards to credit. I am currently filing for Chapter 7 (my job was commission only). Don't be embarrased..no one determine what their future holds so therefore no one has the right to judge you. Do not let this experience define who you are as a person or what anyone else may think of you. We are all part of the rat race called LIFE.

[justbroke]

If the house was included in the Chapter 7 filing, and you did not reaffirm the mortgage... you get to do something that most people don't get to do.

Just Walk! (foreclose)

That's right... the debt is discharged already. You don't owe anything. Just get up and go. I would let the lender know that you're abandoning the place and maybe even be nice and offer to give them the keys so they can "secure" the place.

There is absolutely no reason for you to try to sell it or do a deed in lieu. The only reason to sell it would be if you were going to make money on it.

[notadeadbeat]

I thought the whole purpose of doing a deed in lieu after BK7 was so THEY DIDN'T forclose and then put up AUCTION signs etc...............advertise in the papers which is totally embarrasing....My bank offered to do the deed in lieu BEFORE the BK but my lawyer said to wait till discharge!

[B65]

thats what I am thinking

if i do a deed in lieu will it stop the newspaper thing and the auction sifns on the house...if so and it costs me nothing it is worth it for that....
any idea anyone?

[Help!]

if i do a deed in lieu will it stop the newspaper thing and the auction sifns on the house...if so and it costs me nothing it is worth it for that....
any idea anyone?

I did a deed in lieu after discharge for various reasons. This was the one loose end after discharge and I wanted it completely resolved. The lender did not take out insurance for liability, so I would have had to take out my own policy to be protected (e.g., if someone broke in and injured themselves I could be sued). The house had already been sitting on the market vacant for 10 months and it was turning into an eyesore.

It was very simple - I wanted to give the lender the house and the lender wanted to take the house. I contacted their attorney, signed a single piece of paper transferring the deed and that was it. It was a relief.

[notadeadbeat]

Did the bank contact you at any time during the time after you filed and before you were discharged?
I have been trying to do the deed in lieu before I filed but haven't heard back from the bank.
I thought it might be easier?