Deed in Lieu of Foreclosure

What is the name of your state? GA

I am trying to understand 'Deed in Lieu of Foreclosure' ?

I just recently got discharged in a Chap 7. I had to surrender the house. First is 367000 and 2nd Equity Line is 100,000. House might be able to sell for 425000. I'd like to avoid having a foreclosure on my credit report. Can I submit a deed in lieu of foreclosure to my bank(s) in order to avoid a foreclosure on the credit report? Or is the best way to try and do a short sale to avoid a foreclosure

[Souix]

Originally posted by Avoidforeclose
What is the name of your state? GA

I am trying to understand 'Deed in Lieu of Foreclosure' ?

I just recently got discharged in a Chap 7. I had to surrender the house. First is 367000 and 2nd Equity Line is 100,000. House might be able to sell for 425000. I'd like to avoid having a foreclosure on my credit report. Can I submit a deed in lieu of foreclosure to my bank(s) in order to avoid a foreclosure on the credit report? Or is the best way to try and do a short sale to avoid a foreclosure

**You might try posting this in the Real Estate Law forum, you'll get more and quicker responses**

[HomeGuru]

I'll agree.

Thanks. I'll post this on the Real Estate forum.

[HomeGuru]

Ok.