Legal Question in Real Estate Law in Nevada
Foefeiture of home
I can't afford the mortgage payment on my house anymore after a divorce, can I forfeit the house to the bank to avoid forclosure and any negative reprocussions with my credit?
2 Answers from Attorneys
Re: Foefeiture of home
A Deed In Lieu Of Foreclosure is better on your credit than a Sheriff's Sale.
Re: Foefeiture of home
You should approach your bank and formally offer the deed to your home as security to avoid a formal foreclosure. If the bank forecloses on your home it will probably dispose of it through an auction or sheriff's sale. These results negatively affect your credit rating more than a Deed in Lieu of Foreclosure to the bank.
If you would like to schedule an appointment to discuss your matter in more detail, my office offers initial consultations for $50.00 to discuss real estate matters.
Contact my office if you'd like to schedule such an appointment.
Best Regards,
Jim Herbe
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