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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.
What else can I help you with?
If 2 people are on a home 1 signs over a quitclaim deed moves out and files bankruptcy will the other person loose the house do to the bankruptcy?
A quitclaim deed says the signer no longer has any ownership or responsibilities to the property in question. However, if there is a mortgage in the signers name, he or she is still responsible for that debt, even though they no longer own the property. If a person files bankruptcy after signing a quitclaim deed, any mortgage owed is still factored into the bankruptcy proceedings. If the court so deems it, and it is a common practice, filing a quitclaim deed just prior to filing for bankruptcy can be considered fraud. It is best to consult a bankruptcy attorney familiar with local laws prior to signing any document.
How do you use lieu in a sentence?
The farmer gave me his best pig in lieu of a month's pay.
What is the best interest rate you can get on fixed rate mortgage?
fixed rate mortgages vary, it depends on your credit history and your credit score. if you have bankruptcy or foreclosures or repossessions on your credit report you will be charge a higher interest rate, it also depends on the term of your loan,
Will a deed in lieu of foreclosure impact your other assets such as a 401K account?
his is a difficult one to answer, so I will answer the portion I am familiar with. If you deed-in-lieu it will save you from a foreclosure. However, they usually show up on the credit report as a "settled less than paid for" I would try to work out a deal with your bank to "not report it" Secondly, you have to be prepared for a bank sending you a 1099 for phantom income tax.Generally speaking, 401K's seem to be safe harbor. Other investments might be touchable in a legal action. The best advice is to check with an attorney.
Why is a deed in lieu of foreclosure better than a foreclosure on your credit report?
There are two reasons, one direct and other indirect, that a deed in lieu of foreclosure are better on homeowners' credit reports than having a full foreclosure. The deed in lieu is only one step better than the foreclosure, so it won't do much to improve the credit score. All it will do is prevent the worst of the damage that foreclosure can cause. The direct reason that deed in lieu can have a positive effect on homeowner' credit is that it shows the owners did something to save the home before the lawsuit had proceeded to the end and the property was sold at a public auction. The bank accepts the deed in lieu as payment in full of the defaulted mortgage, but they can only do this if the homeowners offer the deed in the first place. So even offering to give the property back to the bank shows that the owners took a proactive step in solving the problem. This shows other lenders that, although the homeowners fell into a hardship and defaulted on their mortgage, they recognized they could not keep the house and offered to give the collateral back to the bank without a fight or going through a lengthy legal process. Obviously, this is only convenient to the mortgage company, but it indicates to other creditors that the owners are more likely to take responsibility when they fall behind on a loan. The second reason that the deed in lieu is better for the credit report is that it can end the foreclosure process several months before it would be completed otherwise. When the bank accepts the house back, the mortgage is satisfied in full and the owners no longer have legal title to the house. This means that they are no longer responsible for paying the mortgage. How this helps the homeowners is that they will end the foreclosure process before experiencing a few more late mortgage payments. The fewer late payments they show on their credit report, the better it will look. Numerous missed payments leading up to a full foreclosure is obviously the worst possible scenario. The deed in lieu ends this trend by giving the house back to the bank before it is auctioned off, and so ends the string of late mortgage payments. The deed in lieu is not the best option to save a house from foreclosure, and doesn't do a whole lot to improve the homeowners' credit. It's main benefit is that it is a last-ditch effort when no other options are available, and it can help prevent some of the worst damage of the foreclosure appearing on the credit report. If selling or a short sale can be done, they can often present much better results for the long-term financial health of the homeowners than a deed in lieu of foreclosure.
Who is the best Bankruptcy attorney in Kalamazoo MI?
Imants M. Minka is the best Bankruptcy Attorney in Kalamazoo, MI.
What is some of the best bankruptcy advice?
"The best bankruptcy advice would be to consult with a bankruptcy lawyer, who can advise you of all your options. Talking with a debt consolidation company can also be very helpful."
How can an individual find Austin foreclosures?
There are many options for one who is seeking to find foreclosure listings in the Austin area. The best place to begin is by visiting one's financial institution's website and then checking the foreclosures page.
What is the best approach to file for bankruptcy?
The best approach to file for bankruptcy is to first evaluate your current situation. Is it truly bankruptcy? How will this affect you? If you decide that bankruptcy is the only way, this is what you must do. Contact a bankruptcy attorney to make sure that it is all done correctly. That is the only way to make sure.
Should a Christian file bankruptcy?
Filing bankruptcy has no affiliation with religion. If filing bankruptcy is he best financial options available, then you should do it.
How can you claim bankruptcy to avoid paying bills?
In order to claim bankruptcy a court has to issue a bankruptcy order against you. The best place to find information about bankruptcy and the whole process of declaring bankruptcy is the official government website.
Can a lawyer provide you with bankruptcy information?
A lawyer is actually one of the best resources for information about bankruptcy. There are even bankruptcy lawyers who specialize in Chapter 7 and Chapter 13 bankruptcy law.
