Posted on: 05th Sep, 2009 12:49 pm
we got some very bad advice from a lender (who has now gone under) in refinancing into an adjustable rate and now our payments have more than doubled. my husband has become disabled and is on ssi and i work full time but we can no longer make this huge mortgage payment. we have filed for a loan modification and was turned down. my husband is 60, too young for a reverse mortgage and i am 56. we are seriously thinking for asking our mortgage lender to do a deed in lieu of foreclosure. i am just too stressed with the prospect of trying to sell a home. we now owe more on the house than the value. would a dll be a good choice for us? our lender said if we do not bring our mortgage current they will start foreclosure proceedings in 90 days.