Posted on: 22nd Apr, 2012 04:24 pm
a nasty divorce and, credit card debt, housing bust has depleted my assets to living month to month on my roofing business, which income has dropped 60%. i secured an attorney, danielson law firm , to help with a loan modification. I want to pay my debts, but can no longer do it. since my significant other girlfriend has good credit, and we plan to live together, is a DIL better option than a failed modification. we talked and she has enough assets to afford a mortgage on her own. do I cut my losses, do a DIL, avoid forclosure and bankruptcy, and repair my credit. i am 6 months behind..thanks
mortgage modification would be fine. otherwise, a deed in lieu of foreclosure would also do. both mortgage modification and deed in lieu of foreclosure are far better option than filing a bankruptcy.
Hi jimbo!
Welcome to forums!
A deed in lieu of foreclosure will help you in selling off the property whereas a loan modification will help you save the property as it will offer you an affordable payment plan to pay off the loan. If you want to get rid of the property, then DIL is a very good option for you. Once the process is complete, you will be able to take steps in order to improve your credit.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
A deed in lieu of foreclosure will help you in selling off the property whereas a loan modification will help you save the property as it will offer you an affordable payment plan to pay off the loan. If you want to get rid of the property, then DIL is a very good option for you. Once the process is complete, you will be able to take steps in order to improve your credit.
Feel free to ask if you've further queries.
Sussane