Legal Question in Real Estate Law in Pennsylvania
deed in lieu
what is the best action in a foreclosure when the borrower is not able to afford the payments any longer and the lender is not willing/or unable to refinance the loan. The home owner does not care if they stay in the home. Is bankruptcy or deed in lieu the bst option? What happens in indeed of lieu. Will there be any record of failure to make payments on credit history...or other adverse effect that will not allow them to borrow for another home in th enear future?
1 Answer from Attorneys
Re: deed in lieu
I suggest you consider a deed in lieu of foreclosure if there is no equity in the property. However, if there is equity you might consider a sale to a third party. I strongly recommend that you seek legal counsel. Any action should be covered in an agreement that will not impose future liability if there is insufficient equity. Bankruptcy is an option if you can affort to keep the property. You circumstances must be reviewed in detailed before an appropriate course of action is taken. Move immediately to get legal counsel. Gerald Hershenson Esq. 215-579-9390
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