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My mother and I bought a house in 2005, we have had a loss in income and her wages are now being garnished also. We have been unable to make the mortgage payments for last few months. There were some issues in the house with mold and we tried to fix it, but the more we fix the more we find wrong, along with needing a new roof and some other minor repairs we cant afford. We are not sure if we should do a Deed in lieu or file for bankruptcy? Sad

raymond · Posted: Tue Nov 17, 2009 6:50 pm Post subject:

You can only do a deed-in-lieu if your Lender authorizes it. Try that first, and if they say "no", talk to a Bankruptcy Attorney. You'll receive 30 minutes of consultation from a Bankruptcy Attorney for free from "www.legalhelpers.com"

[Link deactivated as per forum rules. Thanks.]

jameshogg · Posted: Tue Nov 17, 2009 7:55 pm Post subject:

Hi daph,

I agree with what Raymond has said. In my opinion, you should write a hardship letter to the lender and apply for a deed in lieu of foreclosure. Depending upon the letter, the lender would decide whether or not he would entertain your request. You will have to mention your financial crisis clearly in the letter so that the lender agrees for the deed in lieu.

If the lender does not agree to your request, then as Raymond has suggested, you should contact a bankruptcy attorney.

Thanks

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