I filed Chapter 7 and it has been discharged. My primary residence was apart of the Chapter 7. I currently still live in the house but the mortgage company has yet to do anything yet. The discharge was in February 2010 and now this is May 2010. I will be moving to another state. What should I do with the house, as far as paperwork? Deed in Lieu of Foreclosure or just walk away since it was in the Chapter 7 Bankruptcy.
-
-
You can do a deed in lieu, but the lender has to agree to it. Since you are moving to another state why not call them up and ask about their "cash for keys" program? Most lenders have this, as it insures that the home isn't vacant and without maintenance for a long period of time.Originally posted by tsharpe1992 View PostFiled Chapter 13 02/2006 - Confirmed 05/2006 - Discharged 09/2011
I'm not an attorney. My replies are merely suggestions or observations, not legal advice. As always, consult with an attorney before making any decisions. -
Cash for keys is a good idea. A DIL requires your signature for approval - like a contract. If you go that route read the language very carefully so you will not end up with a deficiency. I personally would just walk away since your BK clears you of any deficiency. Looking ahead the bank may send you a 1099 at the end of the year but since you filed for BK you were obviously insolvent and your CPA should be able to take care of the tax liability.Comment
Comment