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Foreclosures Deed in Lieu or Bankruptcy what is best?

In: Repossession, Debt and Bankruptcy, Debt Collection, Bankruptcy Law, Foreclosure [Edit categories]

Answer:

There is no best. Your credit is shot either way. A deed in lieu will not prevent the lender from pursuing the deficiency unless an agreement for the deed is carefully drafted. It will not get rid of other creditors.

Whichever way you want to go, check with a competent lawyer first.

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Thylawyer

First answer by Thylawyer. Last edit by Thylawyer. Contributor trust: 149 [recommend contributor ]. Question popularity: 2 [recommend question].

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Relevant answers:

What is deed-in-lieu of foreclosure?
When a mortgage is delinquent and loss of the home is inevitable, a borrower may negotiate with the bank to return the home. They hand over the "deed" instead of the bank paying a trustee or attorney...
How will a Deed in lieu of foreclosure effect your credit?
If the bank is about to foreclose on your property, you may be able to make a deal with them. Instead, of have them having to hire a lawyer and pay him several hundred dollars an hour and go to court...
How do you proceed with a deed in lieu of foreclosure and what are the advantages?
One advantage is that the foreclosure process will end sooner. Once the bank accepts the deed in lieu of foreclosure, all of the legal procedures come to a end immediately. The bank accepts the deed...
Where may you obtain a 'Deed in Lieu of Foreclosure'?
A deed in lieu of foreclosure is a deed to real property accepted by the lender from a borrower who is in default. It is accepted in order to avoid the expense of a foreclosure. If you are in default...
What is a deed in lieu of foreclosure?
It is a disposition option sometimes available to the mortgagor (borrower) to voluntarily deed the property to the mortgagee (lender) thereby avoiding foreclosure action.