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I have two loans ( 1st and equity loans) on my primary home and every month we struggle to pay for the mortgage. Should I foreclose on the home or file bankruptcy? How can I just walk away from the home and not have to deal with the deficiency of the loans and wage garnishment? Sad

honkychick007 · Joined: 12 Apr 2008 Posts: 1 1.24 Dollars($)

Go for a Deed in Lieu of foreclosure,foreclosure affects your credit rating adversely for 7-10yrs.

adonis · Posted: Sat Apr 12, 2008 10:36 am Post subject:

Welcome kenmark,

It's not so easy to walk out of home without paying deficiency and having your wages garnished. And also, think about how it will affect your credit. Better try to file ch13 bankruptcy. Have a talk with a bankruptcy attorney and check out your chances of filing Ch13.

You may take a quick glance through the page on Which is right - bankruptcy or foreclosure to know more on this issue.

Jeanette · Posted: Sun Apr 13, 2008 5:14 am Post subject:

Hello Kenmark,

Welcome,

Bankruptcy is probably a better option for you inleu of foreclosure. Foreclosure you will lose everything. Your house, your credit score will plummet, and you have to start all over with everything. Bankruptcy you can keep your home and maintain your score and just start working on improving it. Chapter 13 and chapter 7 stays on your record for 10, 7 years consecutively. You can refinance after 2 years with chapter 13 and 4 years after chapter 7. You just have to maintain good payment history after bankruptcy is filed. Meaning no more lates to any creditors.

Hope this helps and good luck,

Jeanette Smith
Mortgage Planner
Union Mortgage Group

Guest

I want to get ride of my apartment I have not find any buyer and the mortgage is too expensive. Should I file for deed in lieu foreclosure....what is that....

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi MARIA.

You need to talk with the lender ASAP as you cannot do the deed in lieu on your own. The lender need to accept it. But it has similar credit affect as foreclosure but the lenders generally don't come after you for the deficiency judgment if he accepts the deed in lieu.

Know about the credit affect of deed in lieu at http://www.mortgagefit.com/deedinlieu/affectcredit.html#39235

Hope this helps. Feel free to ask if you have further questions.

Best of luck,
Larry

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