Legal Question in Real Estate Law in Florida
Deed of Lieu or Short Sale(If Possible)
I spoke with the bank to try and help me, they said they could not do a loan modification. So they stated I had to options: 1. Short sale or 2. Deed of lieu. If I do number 2 that told me at Chase that they would still put a foreclosure on my credit. I have excellent credit dont want to ruin it. I have read that with a deed to lieu in giving back my home they would forgive the debt. But thats not what they say. So what is the correct answer? Could you please help!
1 Answer from Attorneys
Re: Deed of 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.
There is no correct answer. It is up to the bank if they will forgive a debt on a property that is voluntarily surrendered. In this upside down real estate market, your chances are less likely that a bank will relieve you of any responsibility for your debt. Your best option is to seek the aid of a qualified real estate attorney to review your documents and advise you of your legal rights and obligations.
Scott R. Jay, Esq.
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