Legal Question in Real Estate Law in Illinois

Real Estate

How does a deed in lieu affect your credit? Are you responsible for the debt once the lender agrees to the deed in lieu?


Asked on 3/19/09, 2:00 pm

2 Answers from Attorneys

Re: Real Estate

You avoid a judgment so it is better for your credit. Generally, no, you are nto responsible

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Answered on 3/19/09, 8:46 pm
Charles Dobra Charles Wm. Dobra, Ltd.

Re: Real Estate

Well, the deed gets reported, so it does go on your credit record. So, lousy. In general, once the deed is accepted, you are off the hook, BUT THERE ARE EXCEPTIONS! You should have a lawyer look over the paper work before signing. Good Luck!

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Answered on 3/19/09, 9:57 pm


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