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Deed in Lieu after Chapter 7

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Anonymous
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Deed in Lieu after Chapter 7

I filed for bankruptcy back in 2009. The mortgage was not reaffirmed. I left the the property 3 years ago but my ex wife still resides in the home. The loan was originally with Bank of America, then it was transferred to Seterus and now it's with Selene Finance. So it's been 7 years and I still haven't received any info regarding a foreclosure. I'm kicking myself in the butt for not kicking my ex out and staying lol...So Selene is offering a Deed in Lieu but they haven't offered the amount they would give me for the cash for keys transaction. In MA they say it could be up to 10k. I really would like to move on and not deal with this anymore. But my question is, will the DIL or forclosure appear on my credit report? The property was included in my discharge so I am assuming not. But since it switched banks I am not sure how that would work. I just want my name off the mortgage and move on with my life. I'd prefer to take the 10k but don't know how or if this will effect my credit report. Any input would be great. Thanks!
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gdale6
Moderator Emeritus

Re: Deed in Lieu after Chapter 7


@Anonymous wrote:
I filed for bankruptcy back in 2009. The mortgage was not reaffirmed. I left the the property 3 years ago but my ex wife still resides in the home. The loan was originally with Bank of America, then it was transferred to Seterus and now it's with Selene Finance. So it's been 7 years and I still haven't received any info regarding a foreclosure. I'm kicking myself in the butt for not kicking my ex out and staying lol...So Selene is offering a Deed in Lieu but they haven't offered the amount they would give me for the cash for keys transaction. In MA they say it could be up to 10k. I really would like to move on and not deal with this anymore. But my question is, will the DIL or forclosure appear on my credit report? The property was included in my discharge so I am assuming not. But since it switched banks I am not sure how that would work. I just want my name off the mortgage and move on with my life. I'd prefer to take the 10k but don't know how or if this will effect my credit report. Any input would be great. Thanks!

Its possible it could but not for long, the max time a derog TL can stay on is 7.5 yrs post DoFD and in this case the date of BK is the guiding DoFD date.

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