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whats my best option?

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cmd62 Joined: 12 Jul 2011 Posts: 1 1.42 Dollars($)	Posted: Tue Jul 12, 2011 1:17 pm    Post subject: whats my best option? Like 0 Dislike 0 Hi, i lost my job 14 months ago. I am currently collecting unemployment. I fell so behind on my mort.payment, I tried getting help from my lender. My lender will not help me out in anyway due to, no programs for the unemployed. I can no longer afford my monthly payments. I recieved a forelclosure date by the end of this month..I need to act fast and I do not know what to do..I did research and found this,1-If foreclosure happens, i can get hit by a foreclosure deficiency by the lender...2-If I short sale the same with the deficiency and /or i will be responsible for IRS Taxable income.3-Deed in lieu of foreclosure goes with the above 1 and 2. My state does have the recourse. Would bankruptcy stop all of this? Which is the best option for me? How can avoid Deficiency and IRS..I can not afford to pay anything.I have no money and no job and I have a family of 4....Please help..
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Tue Jul 12, 2011 10:08 pm    Post subject: Like 0 Dislike 0 Hi cmd, I think deed in lieu of foreclosure is a good option for you. This will not only help you in getting rid of the property but you won't have to pay any deficient balance to the lender. The lender will forgive the deficient balance. To know more about deed in lieu of foreclosure, check out the given page: http://www.mortgagefit.com/deed-lieu.html . _________________ Procrastination is the enemy of your financial success
Guest	Posted: Wed Jul 13, 2011 12:21 pm    Post subject: Like 0 Dislike 0 I would contact a bankruptcy attorney to see if you can get any relief from filing the BK. BK does not allow any federal debt or taxes to be paid. If you have nothing for the deficiency to attach, then you would not have to pay. Some states though allow for the deficiency to be attached for 20 years. Your best bet is to talk to an attorney and see if a BK will help. Deed in lieu of foreclosure would probably be the next best alternative. Your are deeding the house back to the bank in lieu of a foreclosure. Can you rent the home out to cover the note?

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