Posted on: 02nd Jan, 2008 10:58 am
I am currently in Ch. 13 bankruptcy and was doing well, then my mortgage adjusted and now I am having a hard time coming up with the payment. When talking to the mortgage company, they said they cannot work with me due to being in bankruptcy. What else can I do now? I am behind 2 months now in my mortgage? And can't get answers from anyone.
Hi,
Welcome to Mortgagefit discussion board.
I appreciate that you have at least take the initiative to consult with your lender and let him know about your problem regarding mortgage payments. No lender wants foreclosure. Foreclosure will not be helpful for you not even for the lender. So you can request him at least for deed in lieu as Larry has already mentioned above. If the lender agrees for DIL you need not to pay the deficiency and after the announcement of tax relief by President Bush, you need not to pay even the tax on that forgiven debt.
Do let me know if you have any other questions.
Thanks
Blue
Welcome to Mortgagefit discussion board.
I appreciate that you have at least take the initiative to consult with your lender and let him know about your problem regarding mortgage payments. No lender wants foreclosure. Foreclosure will not be helpful for you not even for the lender. So you can request him at least for deed in lieu as Larry has already mentioned above. If the lender agrees for DIL you need not to pay the deficiency and after the announcement of tax relief by President Bush, you need not to pay even the tax on that forgiven debt.
Do let me know if you have any other questions.
Thanks
Blue