Foreclosures after a BANKRUPTCY? A Deed-in-Lieu might be the way to go
By Irene Kennedy Realtor® in Northwestern NJ
(Weichert)
Foreclosures after a BANKRUPTCY? A Deed-in-Lieu might be the way to go - although I am not a lawyer and never give legal advice! True story from Phillipsburg NJ. Although I've listed and sold many NJ REO homes for sale, this is my first time with this particular situation. I'm working with a mortgage servicer that I'll call "the bank." It is trying to find the owners of a vacant home. Those owners completed a Chapter 7 bankruptcy and the mortgage debt has been eliminated. A foreclosure, however, may well be in the works on this property. Here the folks think they have legally and responsibly taken care of their obligations. Still one more hurdle outstanding, however. The bank does not yet own the home so cannot list it for sale. It is hoping to discuss a post-bankruptcy deed-in-l...
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