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My mom owns a home and due to the drop in the real estate market my mother can not get a fair market price for the house. There is a mortgage on the house at this time. She is considering two options 1# file for bankruptcy protection and/or the 2# quit claim the house over to one of the siblings that would continue to pay the mortgage in anticipation of getting a new mortage to buy the house? Not sure about this seems
risky. What would be best for my mother in terms of debt relief. Need help in sorting through this one>??

gunzijjistaff · Joined: 07 Apr 2009 Posts: 712 4.51 Dollars($)

In my opinion, If your mom cannot afford more to pay dues then, first option is better than second one.

Do not transfer home to anyone by only trust, It will be risky. Trust is mean less in business.

If your mother is qualified for loan modification, she can use this way to be safe.

Thanks.

gmakerley · Posted: Sun Nov 15, 2009 9:59 pm Post subject:

mimi didn't mention a trust, gunzi...not sure where that came from.

modification is a good thought if it's available and she'll qualify for one. quit claiming to a family member who will then try to "buy" the house isn't any way to do it, either. the quit claim might not be a bad idea, if it can bail your mom out and as long as that family member is credit-worthy and able to obtain new financing.

smithsussane · Posted: Sun Nov 15, 2009 11:24 pm Post subject:

Hi MIMI!

Welcome to forums!

Filing bankruptcy doesn't seem to be a good option to me. If your mother wants to get rid of the property, then she can apply for a deed in lieu of foreclosure. Though her credit score would get lowered by 250 points, she won't be responsible for the deficient balance.

As far as the second option is considered, though your mother transfers the property, she would be responsible for the mortgage dues if the other person is unable to pay it off.

Feel free to ask if you've further queries.

Sussane

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