Deed in Lieu after Chapter 7 Bankruptcy

[bracketbuster]

You need to find out what type of mortgage you had. I had two when I filed chapter 7. One was FHA and one wasn't. Both of mine say included in bankruptcy and there is no where on my credit report that it mentions a foreclosure. However, if it is a FHA/USDA/VA loan your name will appear on the CAIVRS report and could prevent you from getting another mortgage or federal debt.

As stated in the previous post, I would take the offer and run. I wanted my FHA house out of my name and it took nearly 2 years. I wish it would have been that easy.

[Anonymous]

I have a similar situation > Im considering a deed in lieu with Setarus. Had bk chapter 7 discharged in 07 . Stayed in house for several years but

decided to move on from the upside down mortgage . i would like to resove this quickly instead of going through the lengthy foreclosure. My cocern is that there is a sizable deficiency. Will i have to pay taxes on the deficiency or does the Bankruptcy protect me from that. Also will Setarus require me to pay any closing costs?And lastly any advice i negotiating would be helpful or are these pretty standard transactions?

[Anonymous]

I am in a similar situation. I have my mortgage through GreeTree lending. I have asked for a HARP Modification. It will adjust your primium and reduce your interest at the same time. When I spoke with them yesterday she was concerned with my high payments on my auto loan. Like I told her I can not refinace a 04 and the fact I have foreclosure initiated on my reports will not help my get a personal loan to lessen my monthly payments. So  unless i get my mortgage loan modified I am stuck. Now before I received about 70,000 off my loan but they left my interest at 9.7% so I am looking to bring that down and save a couple of hundred a month. I have been taking care of my collection accounts one by one and have broke into the 600 with all 3 bureaus. I have a ways to go but at least I am going up not down.