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What can I expect from a deed and lieu when ive gotten out…

Customer Question
What can I expect...

What can I expect from a deed and lieu when ive gotten out of bankruptcy

Lawyer's Assistant: What state are you in? And has anything been officially filed?

I'm in Alabama and a disable Veteran

Lawyer's Assistant: Has anything been filed or reported?

No but I reqested to release my home under this deed and lieu because i had know help or understanding of what to do because of my mental state and PTSD

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

That's everything

Submitted: 1 year ago.Category: Legal
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Answered in 1 minute by:
3/21/2017
Lawyer: Ray, Lawyer replied 1 year ago
Ray
Ray, Lawyer
Category: Legal
Satisfied Customers: 47,612
Experience: 30 years in civil, probate, real estate, elder law
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Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question and respond.

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Lawyer: Ray, Lawyer replied 1 year ago

A deed in lieu here releases the property back to the lender in exchange for them waiving any right to seek deficiency judgment.It often is the best you can do here if the house is underwater or you are unable to make current payments and fall behind.If the lender agrees to a deed in lieu they provide it for you to sign and execute.Once filed you are no longer the legal owner and not liable for property taxes and insurance.If you can get the lender here to accept such a deed in lieu it may be the best you can do in a tough situation.It avoids foreclosure and a deficiency judgment.

I appreciate the chance to help you today.

Thanks again and the best here.

If you can positive rate 5 stars it is much appreciated.

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