Posted on: 03rd Aug, 2009 06:44 pm
due to company headcount reductions i am retiring this oct 2009. the pension i will be getting will not be enough to maintain payment on my mortgage and other bills. should i file for chapter 7 bankruptcy or assume that my pension is judgement proof and not worry about filing. i plan on foreclosure and repo of my car, the amount of bills double my pension income.
Hi mdeham,
You can apply for a loan modification if you feel that after retirement, you won't be able to pay off the mortgage dues. A loan modification will help you in saving your property as well as your credit score. Moreover, as the interest rate would be reduced, it will become more affordable for you to pay off the mortgage dues.
Take care.
You can apply for a loan modification if you feel that after retirement, you won't be able to pay off the mortgage dues. A loan modification will help you in saving your property as well as your credit score. Moreover, as the interest rate would be reduced, it will become more affordable for you to pay off the mortgage dues.
Take care.