Saint Louis, MO asked in Bankruptcy, Foreclosure and Real Estate Law for Missouri

Q: Pros and Cons of Deed in Lieu v Foreclosure post Chapter 7 discharge

My Bankruptcy was discharged in late August. I would like for the bank to take my house ASAP. They had started foreclosure proceedings before I filed, so I know they probably will not sit on it forever, but it is December now and I want to move on. Are there any dangers in trying to do a deed in lieu of foreclosure to speed things up or should I just wait for a foreclosure. Are there any pros or cons to either? Do they try to slip things in or is it a simple clean process? The debt was discharged and the debt was not re-affirmed so taxes are not a concern, I owe them $0. Since I don't owe them anything, I am assuming whatever is on my credit report is on my credit report regardless of which one I choose. Is that correct? Any help is appreciated.

1 Lawyer Answer
Stuart Nachbar
Stuart Nachbar
  • Bankruptcy Lawyer
  • Livingston, NJ

A: Just make sure they do not,slip in that you are liable for any deficiency.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.