Legal Question in Credit and Debt Law in Florida
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BK7 - Timeshare deed in lieu
We filed BK 7 and it was discharged July 2011. Since then my wife and I divorced. A timeshare we own, the payments are behind. They want us to sign a deed in lieu. Our question IS what if we don't sign? I know it will foreclose but can they come after us and garnish our wages etc..?? Can or will they add on more fees and costs then the present amount? Are we protected by the BK7? We still have 3 homes now is foreclosure. So should we even bother with the deed in lieu? Our A1 credit has gone to the dogs anyway..!
2 Answers from Attorneys
Your chap 7 BR should have resolved all liability issues regarding the mortgage
on the property in foreclosure. Regardless, a deed in lieu can have benefits if the
market value of the property is less than the mortgage, and if the agreement
which accompanies the deed in lieu assures you that there will be no deficiency
judgment, no claims, or debts related to the deed in lieu so that you be certain
that there will be no garnishments or other legal actions. There usually are no
additional charges related to the deed in lieu but my must review the conditions
so you understand the agreement. Hope this helps.
If the debt payments were not discharged, send them the deed. Will they waive all moneys due?
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