Bankruptcy/Foreclosure
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Bankruptcy/Foreclosure
I’m filing Chapter 7 Bankruptcy and at the same time my home is in pre-Foreclosure. If my mortgage company accepts a Deed-In-Lieu instead of going through a foreclosure sale is it better for my credit score & rebuilding my financial future even though I still will have a bankruptcy on my record. Or should I stay in the home as long as possible waiting out the foreclosure & being able to save longer for when I have to finally move?
Asked on May 21, 2009 under Bankruptcy Law, Florida
Answers:
B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
The answer to that might well depend on your entire financial picture. So I think you'd be wise to talk this through with a bankruptcy lawyer, rather than handle that on your own. One place to find qualified attorneys is our website, http://attorneypages.com
It's possible that you will be able to take care of the mortgage with a deed-in-lieu even after the bankruptcy has been started. Typically, the mortgage company will move to have the stay lifted, as to the mortgage, after your bankruptcy has been filed, and if you aren't making payments, those motions are often granted. There may be other options open to you as well, that might make even more sense, but this will depend on all the facts of your case.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.