Legal Question in Bankruptcy in Georgia

Deed In Lieu

I have been trying to sell my property for almost a year. I have had several contracts but they have all fallen through after talking with the mortgage company I feel I have no recourse but to file this deed in lieu. I have been unable to keep up the payments and the property is going into forclosure. With this on my credit will I ever be able to purchase a house again and how long with this remain on my credit.


Asked on 9/29/06, 2:41 am

2 Answers from Attorneys
Scott Riddle Law Office of Scott B. Riddle, LLC

Re: Deed In Lieu

It will be on your credit seven years. How this affects you later is not a legal question, and based on your specific circumstances.

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Answered on 9/29/06, 6:49 am
Glen Ashman Ashman Law Office also dba Glen Ashman Attorney

Re: Deed In Lieu

You cannot do the deed unless the lender will accept it. Your bad payment record (and any foreclosure) will be on your credit history for 7 years. No one has a crystal ball to tell you how it might affect you.

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Answered on 9/29/06, 6:59 am


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