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Facing Foreclosure

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John Boy Guest	Posted: Tue Jun 15, 2010 8:41 am    Post subject: Facing Foreclosure Like 0 Dislike 0 Moved out of both my homes and rented them. Now both tenants are getting ready to leave. Can't pay two mortgages and rent where I'm living now. Consulted with Attorney and said that I could file Chap 7 after both homes were vacant for 6 months ( in order to meet the Florida Mean Income) then file. I don't care if I lose both homes, I depleated all of my savings trying to maintain both with repairs and paying the difference of Mortgage and rental income. Can the VA on one of the Mortgages come after me after I file Chap. 7 ? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Tue Jun 15, 2010 11:44 pm    Post subject: Like 0 Dislike 0 Hi John, Rather than filing bankruptcy Chapter 7, it would be better if you could get in touch with your lender and apply for a deed in lieu of foreclosure. If the lender agrees to it, then you would be able to get rid of the property and won't be liable for the deficient balance even. Thanks

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