Home arrow Mortgage Forums arrow Loan Talk for First Time Home Buyers arrow

foreclosure or backruptcy

Author Message
Icon Mini Profile ronds7





Joined: 09 Mar 2010

Posts: 1

1.44 Dollars($)
Post Posted: Tue Mar 09, 2010 9:16 pm    Post subject: foreclosure or backruptcy
Like 0
Dislike 0

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.
Icon Mini Profile Niicss
Niicss




Joined: 03 Oct 2005

Posts: 4770
Location: New Jersey
499.28 Dollars($)
Post Posted: Wed Mar 10, 2010 2:40 am    Post subject:
Like 0
Dislike 0

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.
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Highlights
Bookmark this page
Share |

Helpful References
Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools
Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Our Community
MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards
Five simple ways to earn money with the Mortgage Community.

MortgageFit on Twitter

Followers (265)








Community Chat

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 21.073 seconds.