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bankruptcy

Posted on: 17th Jan, 2010 07:17 am
I bought a house just in the beg. of Nov. The loan is only in my name. I have never been late on any payments on anything. I have a lot of debt compared to what I make though. I have just been getting by from paycheck to paycheck now that we have the mortgage. My husbands been on umployment, which ends soon. His credit is already horrible. On top of all of this, the half duplex that we bought is a nightmare. Without details, I'll just say we called the cops numerous times & we haven't even been living there for weeks now. We want nothing to do with our home. Sale/Shortsale isnt an option bc we owe money from a downpayment assist that has to be paid back at time of sale out of pocket, which we def. don't have. She said the best thing would be a deed in lieu. We called our bank & said we have to be in a financial hardship & they wouldn't allow that to happen. It doesn't look like I am on paper, but I am doing everything I can to pay my bills from month to month,& on top of it they are adding a 2nd commissioned employee to my job which will cut my pay alot more. I am willing to file bankruptcy to get out of this mortgage. Is this possible? I know all the negative impact but Id rather have a good quality of life then be scared going to my home at night. Help.
Hi Guest,

Did the lender give you any reason for not accepting the deed in lieu of foreclosure? You need to prove your financial hardship to the lender and convince him for a deed in lieu. In case the lender doesn't agree to it at all, then you can file Chapter 7 bankruptcy. While you're in bankruptcy, do not reaffirm your debts. You can simply surrender your property to the lender. He will foreclose it and sell it off.
Posted on: 17th Jan, 2010 07:30 pm
>>I am willing to file bankruptcy to get out of this mortgage. Is this possible?

Yes. www.LegalHelpers.com will put you in contact with a local Bankruptcy Attorney for a free consulation.
Posted on: 24th Jan, 2010 09:47 am
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