Deed in Lieu, Foreclosure, or Bankruptcy?

gfitzpatrick · Joined: 07 Dec 2007 Posts: 1 1.33 Dollars($)

My home has been on market 15 months, 5 price reductions, no offers, my savings is depleted, credit cards maxed to help with cash flow to make mortgage payments and as of January, i have nothing left unless the house sells. My lender has refused a rate reduction to assist with cash flow, but offered a short sale. Advice from anyone knowledgeable about my options (in 20yr mtg history, never late, until this coming January)

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hello gfitzpatrick,

Welcome to this forum.

I appreciate that you have a talk with your lender regarding your problem on your mortgage payments. Your lender is right. Short Sale is better than Deed in Lieu, Foreclosure, or Bankruptcy. It has less negative affects than Deed in Lieu, Foreclosure, or Bankruptcy. So I will suggest you to go for Short Sale.

Thanks,
Larry

blue · Posted: Fri Dec 07, 2007 4:35 pm Post subject:

Hi gfitzpatrick,

Welcome to Mortgagefit discussion board.

You have said

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