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ronds7 · Joined: 09 Mar 2010 Posts: 1 1.44 Dollars($)

Hi,

I don't know where to start with this question. Anyway, I have been in loan modification trial plan with my lender since October of last year because of lost income, medical bills and my wife's continuing disability. My wife has been on disability for almost a year now and since we're not able to provide a letter from my wife's employer to my lender stating that they will honor another 9 months of disability should my wife's doctor extend her disability for 9 months, my lender has denied to proceed with the loan modification. This is very disappointing in my part specially that I really need to keep the house and don't want to move out in the middle of my wife's health condition. The lender already notified me of the sale of date of the house which is March 22. Now, what I would like to find out if there's any way for me to stop the foreclosure and have them approve the loan modification since I'm able to pay it. If they can't help me anymore, would it be better for me to file bankruptcy?

As always, I appreciate any response I get on this inquiry.

Niicss · Posted: Wed Mar 10, 2010 2:40 am Post subject:

You will have to negotiate with your lender and reapply for a loan modification. Inform your lender about your situation and check out if he agrees to it. If the modification is approved, then your property will not be foreclosed upon by a lender.

If you are unable to get a modification and want to get rid of the property, then rather than filing bankruptcy, you should go for a deed in lieu of foreclosure. This will not only help you in selling off the property but you won't be liable for the deficient amount resulting from the sale.

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foreclosure or backruptcy