Asked by Downinmanty, 34108 • Thu Aug 26, 2010
My husband and I filed Chapter 7 and it was discharged October 2008. We did not reaffirm the home we are currently living in and now need to relocate. Up until this month we have been making the payments and "renting" the house from the bank. I don't want the house to sit empty for 12-18 months during the foreclosure process. Would it hurt anything for me to attempt a deed in leiu? It is an FHA loan so would have to be on market 120 days for short sale first, but still less time than foreclosure. We owe about 85K and the house is worth 70K at most. I also want to make sure if we do deed in leiu that I couldn't be taxed on the difference as income since the debt was already discharged in my bankruptcy. We want to be able to purchase another home eventually and know that we have to wait 3 years from whenever the HUD claim is finally filed before we could possibly be eligible for financing.
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