How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask dylatess Your Own Question
dylatess
dylatess, Attorney
Category: Bankruptcy Law
Satisfied Customers: 5142
Experience:  37 plus years of experience specializing in bankruptcy law
29685164
Type Your Bankruptcy Law Question Here...
dylatess is online now
A new question is answered every 9 seconds

Deed in Lieu of Bankruptcy?

This answer was rated:

Deed in Lieu of Bankruptcy?
Over 34 years, I have assisted my clients with debt problems having filed more than 32000 Chapter 7 and Chapter 13 Bankruptcy petitions.

What is your question. Please be more specific. Thanks.
Customer: replied 4 years ago.

We filed for bankruptcy, Title 7, and was awarded the the bankruptcy discharge. Our home was part of the bankruptcy, I received a letter from Wells Fargo stating the would give us $3,000 for relocation fee's, if we did a deed in lieu of a forclosure sale. I would like to know the impact if we do decide to do this? thank you, Loreta

A deed in lieu of foreclosure saves the bank from having to go through the very lengthy forelosure process. Likewise, it costs the bank money and alot more than $3000 so by accepting the money, it saves the bank money and time. As for you, there is no negative impact since you already filed a BK and it does not further impair your credit. the only impact, if you have not already moved, is that you will have to move sooner. So I recommend you take the money.
dylatess and 2 other Bankruptcy Law Specialists are ready to help you