If our house was not reafirmed after our Chapter 7, can we go straight to a deed in lieu of?

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If our house was not reafirmed after our Chapter 7, can we go straight to a deed in lieu of?

I am a disabled veteran who is unemployed and on VA/SSDI Benefits. PNC mortgage says we must attempt a short sale first. The market for a double wide is extremley low. Our chances are slim to none any time soon.

Asked on March 22, 2012 under Bankruptcy Law, Washington

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Good question. Whether or not you affirmed the loan with respect to your double wide in your bankruptcy filing that I presume you receive a discharge for does not prevent you from giving the lender on it a "deed in lieu" of foreclosure to the lender assuming it is willing to accept one. The lender is not obligated to accept such a deed in lieu of foreclosure under the laws of all states in this country. It has the option of doing a foreclosure on the unit.

I suggest that from what you have written in your question that you consult with a real estate attorney to assist you in your matter if a short sale is what your lender desires as opposed to the deed in lieu of foreclosure.


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