What to do if I filed a Chapter 7 and was discharged a year ago but surrendered my home?

UPDATED: Mar 20, 2013

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What to do if I filed a Chapter 7 and was discharged a year ago but surrendered my home?

As part of the bankruptcy I surrendered my home to the lender. Yesterday I got a call from that lender asking me to do a deed in lieu to speed up the foreclosure process. Should I do that or let them go through the whole process?

Asked on March 20, 2013 under Bankruptcy Law, Arizona


Monique Okoye / Vulcan Legal Group

Answered 9 years ago | Contributor

This decision is more personal than it is legal. You are no longer responsible for the debt, so it won't matter legally to you if you give up the deed or force them to foreclose. Among the benefits of a deed in lieu are avoiding having your name in the paper advertising a foreclosure sale. The only way that I would reccomend refusing the deed in lieu offer is if you are still living in the house and you have been unable to negotiate a mutually satisfactory move-out date. In that case the foreclosure process will give you more time to move out.

Good Luck

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