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I have a home that is worth less than the loan. Due to the death of my husband, my income has been cut more than half. I cannot offer the home and have made payments from life insurance money. Bank has already modified payment once. I do not want to loose remaining amt of life ins on a home that I will get no equity from. It has been on the market for 6 mos with no luck. What should I do??

Caron · Posted: Mon Jan 12, 2009 4:30 am Post subject:

Hi Cheryl,

I suggest that talk to the lender about a deed in lieu. Herein, your home will be sold off by the lender and the proceeds will be used to recover the loan. But the lender won't demand a deficiency payment as per the laws on deed in lieu.

Good luck

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