Compare Mortgage Quotes

info98 · Joined: 28 Jul 2010 Posts: 1 1.39 Dollars($)

Hi,
Our two mortgages were included in our Ch. 7 BK last September. We haven't paid our 2nd mortgage since then. We were trying to negotiate and got nowhere with Bank of America (who has since sold it to a company, that must like not getting paid the $93,000) . About 5 months ago we stopped paying the first (about $242k left on that one). House was appraised during the BK at $241,000.

We have found an apartment are almost finished moving out the end of the month as we want to get situated during the summer and before school starts in the fall.

Is it worth trying to get a Deed in Lieu so we can start the clock on rebuilding our credit on our timeframe or just wait until they go through with the foreclosure? Can we even do a deed in lieu with 2 mortgage companies?

Also, do we need to pay taxes/insurance if we are gone?

Thanks so much!!

smithsussane · Posted: Wed Jul 28, 2010 9:43 pm Post subject:

Hi info!

Welcome to forums!

You can apply for a deed in lieu of foreclosure with your first lender. Though you've two mortgages, you will be able to go for a deed in lieu of foreclosure. I hope you haven't signed the debt reaffirmation agreement with the lender when you filed Chapter 7. In that case, the lenders won't be able to come after you for the deficient balance resulting from the sale of the property.

Feel free to ask if you've further queries.

Sussane

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Compare Mortgage Quotes

Walking away from our home in Massachusetts?!

Our Community

Community Rewards

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1