Posted on: 13th Jan, 2010 12:16 pm
a little over two years ago i moved from georgia to tennessee. the home values where i moved from in georgia have taken a 57% decrease in value. we are tens of thousands of dollars upside down and quite honestly i do not know what to do.
we have already secured a home in tennessee. i am about to run out of money paying two payments.
is foreclosure my best option? what if my mortgage company will not accept a short sale or a deed in lieu of foreclosure? should i file chapter 13 or 7? will i face a defficiency judgment?
i appreciate your help.
we have already secured a home in tennessee. i am about to run out of money paying two payments.
is foreclosure my best option? what if my mortgage company will not accept a short sale or a deed in lieu of foreclosure? should i file chapter 13 or 7? will i face a defficiency judgment?
i appreciate your help.
Hi Guest,
Did the lender gave you any reason as to why they won't accept a deed in lieu of foreclosure or a short sale? If not, then you should ask them about it. I would suggest you to negotiate with your lender for a deed in lieu of foreclosure again and convince him for it. If he agrees to it, you'll be able to get rid of the property and won't have to pay the deficient amount.
In case, if the lender does not accept a deed in lieu or short sale, then it's better to let the property foreclose rather than going for a bankruptcy.
Did the lender gave you any reason as to why they won't accept a deed in lieu of foreclosure or a short sale? If not, then you should ask them about it. I would suggest you to negotiate with your lender for a deed in lieu of foreclosure again and convince him for it. If he agrees to it, you'll be able to get rid of the property and won't have to pay the deficient amount.
In case, if the lender does not accept a deed in lieu or short sale, then it's better to let the property foreclose rather than going for a bankruptcy.