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My husband and I own land in PA we can no longer afford. We…

Customer Question
My husband and I...

My husband and I own land in PA we can no longer afford. We have tried to sell it to no avail. What would it do to our credit if we not pay the taxes. Can they put a lien on our present home

Lawyer's Assistant: What steps have you taken so far? Have you prepared or filed any paperwork?

No. I talked to real estate agents but were not given any hope of selling

Lawyer's Assistant: Have you talked to a PA lawyer about this?

No

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

We also have timeshare in Fl with the same problem

Submitted: 3 months ago.Category: Real Estate Law
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Answered in 3 minutes by:
3/21/2018
Real Estate Lawyer: Ray, Lawyer replied 3 months ago
Ray
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 47,700
Experience: Texas Attorney for 30 years dealing in real estate
Verified

Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question, conduct and prepare your response.

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Customer reply replied 3 months ago
I believe an an accurate phone number was given. This is not my question but I received a text saying it was.
Real Estate Lawyer: Ray, Lawyer replied 3 months ago

Your best bet here for both the house and timeshare is a deed in lieu.A deed in lieu has you deeding it back and no deficiency suit.This avoids any judgments against you which would lien your home.If you cannot get a deed in lieu you may be looking at Chapter 7 bankruptcy to discharge any deficiencies.Contact lender and timeshare and mention you may have to file Chapter 7 if they don't agree to deed in lieu.

These are your options here in PA to resolve all of this.

I appreciate the chance to help you today, prayers to you here.

If you can positive rate5 stars it is always much appreciated.

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Real Estate Lawyer: Ray, Lawyer replied 3 months ago

Reference

A deed in lieu of foreclosure occurs when a lender agrees to accept a deed to the property instead of foreclosing in order to obtain title. With a deed in lieu of foreclosure, the deficiency amount is the difference between the fair market value of the property and the total debt.

Deficiency Judgments After Foreclosure in Pennsylvania | Nolo.com

https://www.nolo.com/legal.../deficiency-judgments-after-foreclosure-pennsylvania.html

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Customer reply replied 3 months ago
We don’t owe on these properties at this time. How much would it cost to get a deed in lieu.
Real Estate Lawyer: Ray, Lawyer replied 3 months ago

It won't cost you for the house lender will provide it you sign and return.The timeshare would have one too for you to sign.They should provide these, and you sign and return.

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The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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