Legal Question in Real Estate Law in California
We have a home in California that is in the process of foreclosure. What is our legal responsiblity in regards to taxes and credit card debt? Is it better to do a deed in lieu, or go into forclosure? Also do we need to file bankruptcy to avoid any additional fee"s that could concur as a result of the above? Please provide your advice and guidance. Thank You
1 Answer from Attorneys
A deed in lieu is not foreclosure. A deed in lieu of foreclosure does not cancel the secured debt, and in many situations the lender can sue for a deficiency.
You would need to provide detailed facts to an attorney to advise you. It is not clear whether you have additional debts secured by other deeds of trust, that may become an issue for you. You need to speak to an attorney familiar with foreclosure, debts, and bankruptcy law.
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