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 mikeseibel79
Joined: 22 Aug 2008
Posts: 1
1.79 Dollars($)
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 Posted: Fri Aug 22, 2008 3:17 am Post subject: deed in lieu or bankruptcy |
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| Ive found alot of the comparisons between the two but Im in a kind of unique situation I think. Im mainly looking for some suggestions/opinions. I have been recently medically seperated from the Navy for a seizure disorder resulting from brain surgey following a ruptured blood vessel. I had been making very good money in the millitary and was able to keep current on my financial situation. I have been able to find a job somewhat related to my millitary occupation but the pay is nowhere near the same. I cannot find anything matching in my area that pays anywhere near and now I cannot affoard to meet my fiancial responsibilities while supporting my family. Also the current job I have is creating a major hazzard for me with my condition. I do not want to lose my home, but I am at my wits end. any advice would be extreemly welcomed! Sorry for the long post. |
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larry
Joined: 27 Jun 2007
Posts: 3328
474.61 Dollars($)
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| Posted: Fri Aug 22, 2008 3:22 am Post subject: |
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Hi Mike.
Welcome to the forum. I think you need not to go for the deed in lieu now. Talk to the lender ASAP and inform him your situation. You can also request him for loan modification so that you can get back on track. Take a look at the article 17 ways to protect yourself from the foreclosure trap and learn how can you avoid foreclosure. Feel free to ask if you have any further questions.
Best of luck,
Larry |
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cliff
Community Experts
Joined: 05 May 2008
Posts: 328
Location: Houston
75.44 Dollars($)
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| Posted: Fri Aug 22, 2008 7:47 am Post subject: |
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Hello Mike,
So sorry to hear about your physical and financial difficulties.
Larry is correct.
You need to be talking to your lender. Be sure to ask to speak to someone within the Loss Mitigation Department.
Your lender has several options available to you to try to help keep your home. These options include a special forbearance, repayment plan, loan modification, etc. PLEASE contact your lender and see what workout plan that you qualify for.
A Deed in Lieu is always only used as a last resort. And there are many requirements that must be met before your lender will consider a Deed in Lieu. I truly hope that a bankruptcy will not be necessary for you either. Both of these options damage your credit extremely.
Please let us know if you still have other questions and need more help.
Good luck.
_________________
Cliff Pape
Market Analyst
www.home-buddies.com |
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