Legal Question in Real Estate Law in Florida
Deed in Lieu or Short sale(If possible)
I may possibly be losing my home. I have excellent credit. Spoke with bank. Bank will not do a loan modification, they of course suggested the above. My question is this: Chase bank said they would still put on my credit a foreclosure? I have read on the web and other financia websites this isnt true. Could someone please give me the correct answer?
1 Answer from Attorneys
Re: Deed in Lieu or Short sale(If possible)
NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. By reading the "Response" to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered an attorney-client privileged communication. If you do not agree, then stop right here, and do not read any further.
It is up to the lender. The acceptance of a deed in lieu of a foreclosure may also be reported by the lender if they so choose. You should hire an attorney to represent you and try to work this out to your benefit.
Scott R. Jay, Esq.