Posted on: 27th Apr, 2008 09:29 pm
we refinanced a few years ago. Current ly we're having 80/20 loans and have 2 medical bills unpaid, we don't know what to do now that we can't pay our mortgage. I've heard that in our state, if you foreclose on your original mortagage, then lenders won't come after you for money. should we talk to an attorney the? And options do we have? Our credit is already smashed due to the medical disasters
Welcome Simon.
Where do you stay Simon? As far as I know you need to pay the due amount after the foreclosure sale. So as Larry suggested talk to the mortgage company and request for deed in lieu. If the Mortgage Company accepts the deed in lieu, he will not file deficiency judgment against you.
You need not to pay the tax on the forgiven debt because of the Mortgage Debt Forgiveness Act
Let me know if you have any further quarries.
Where do you stay Simon? As far as I know you need to pay the due amount after the foreclosure sale. So as Larry suggested talk to the mortgage company and request for deed in lieu. If the Mortgage Company accepts the deed in lieu, he will not file deficiency judgment against you.
You need not to pay the tax on the forgiven debt because of the Mortgage Debt Forgiveness Act
Let me know if you have any further quarries.
It is true that there is less protection on a home that has been refinanced than on a purchase loan. Seek out a RE attorney and find out what your options are. The laws are different in just about every state.
Good Luck
Brian
Good Luck
Brian
