If I live in one state but own a house that I can no longer afford in another, in what state do I need to hire a lawyer to negotiate a deed in lieu or to file bankruptcy?
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If I live in one state but own a house that I can no longer afford in another, in what state do I need to hire a lawyer to negotiate a deed in lieu or to file bankruptcy?
Asked on April 23, 2012 under Real Estate Law, Nebraska
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
I am so sorry for your situation. You are wise to try a deed in lieu of foreclosure and even look in to a short sale as well. Just remember that you need the lender to "waive the deficiency" which is the amount that is left after the sale of the property if the mortgage is more than the value of the house. Bankruptcy should be a last resort. Now, is the lender local to the state in which the hosue is located? Because if the lender is a "biggie" like Chase or Citibank you do not really have to worry about where the attorney is admitted. But you need an attorney admitted in the state the house is located to represent you in the sale. Good luck.
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