Since this time share will show up on my credit report and will stop me from buying the house, should I just not sign? 6 Answers as of March 30, 2016

I'm planning to buy a house in a month and just received a deed in lieu request from my time share which was included in my bankruptcy. It states that it seeks to foreclose in rem if I don't sign within 35 days. For your information, I brought my credit score to a 680 and looking for an FHA loan. My bankruptcy was discharge on 3/14/2014.

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David R. Fondren, Attorney at Law
David R. Fondren, Attorney at Law | David R. Fondren
A deed in lieu is about the same as a foreclosure from the bureau's standpoint. Both are indications that you could not or would not make payments. If it is already discharged it should not be much more on the report.
Answer Applies to: Missouri
Replied: 3/30/2016
Stephens Gourley & Bywater | David A. Stephens
Usually a deed in lieu of foreclosure does less damage to your credit than a foreclosure.
Answer Applies to: Nevada
Replied: 3/30/2016
GARCIA & GONZALES, P.C. | Richard N. Gonzales
Meet with an experienced BK lawyer soon.
Answer Applies to: Colorado
Replied: 3/30/2016
Ronald K. Nims LLC | Ronald K. Nims
Since you put it in your bankruptcy, doing a deed in lieu should not show up on your credit report. If you force them to do a foreclosure, the lawsuit is public record and it will show up on your credit reports.
Answer Applies to: Ohio
Replied: 3/30/2016
Richard B. Jacobson & Associates, LLC | Richard B. Jacobson
The deed in lieu is not a foreclosure, and your obligation to pay on the timeshare was presumably discharged in your BR. So agreeing to the dead in lieu is likely your best bet. Consult the lawyer who represented in your Bankruptcy, who must have a wider knowledge of your affairs than I do. Good Luck.
Answer Applies to: Wisconsin
Replied: 3/29/2016
    The Schreiber Law Firm
    The Schreiber Law Firm | Jeffrey D. Schreiber
    If the debt was going to be reported on your credit report, it would likely already be there and would have been listed as discharged in bankruptcy or as a charge off. The Deed in Lieu is to transfer title to avoid foreclosure and is not something which is what is reported to the credit bureau. If the timeshare has to foreclose, for that they can also report a foreclosure on your credit report in addition to what they did with the underlying debt when you filed bankruptcy.
    Answer Applies to: California
    Replied: 3/29/2016
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