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Posted: Mon Jun 28, 2010 10:50 am Post subject: Forclosure

I have 2 mortgaes on our house both taken out when we purchased it in 2005
We have no equity in the home, if we let the mortgage company forclose
can we be liable for any payments or will they be able to garnish our wages?
We have an interest only and an adjustable rate mtg on the first one. No one will refinance us because we filed bankruptcy about a year ago and we thought we would be able to keep up on the payments so we keep the house when we filed.
We are located in Michigan and basically want to know what we can do to get of both mortgages without having to own any money.
Thanks
stressed out

ForeClosureKillers · Joined: 28 Jun 2010 Posts: 3 1.76 Dollars($)

There are many doable, legal and often not openly suggested solutions to your situation. Yes, there are many situations where options are slim to none, but some are surprisingly effective.

I'm no expert on these things, but I know he'll know what you need to do.

Leave me your contact info & best time 7 day to schedule your time with the attorney...

Lacey

[Email address and phone number deleted as per forum rules. Thanks.]

smithsussane · Posted: Tue Jun 29, 2010 1:50 am Post subject:

Hi Guest!

Welcome to forums!

If you are delinquent on your mortgage payments, then you can apply for a deed in lieu of foreclosure. This will help you in getting rid of the property and you won't be liable for the deficient balance resulting from the sale of the property. Thus, the lender will not come after your other properties or garnish your wages to recover the dues.

Feel free to ask if you've further queries.

Sussane

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