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Law Pro
Law Pro, Attorney
Category: Bankruptcy Law
Satisfied Customers: 24869
Experience:  20 year experience in practicing law.
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just how responsible is on e when you surrender your home.

Resolved Question:

just how responsible is on e when you surrender your home. they refuse to foreclose .my husband is blind and i have breeast cancer can't musch more. thank you
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  Law Pro replied 8 years ago.

I presume your trying to perform a deed-in-lieu of foreclosure correct?


Have you been in contact with the lender? If so, have you been in contact with their loss mitigation department?

Customer: replied 8 years ago.
i have not had that suggestion. they are trying to encourage us to short sell. there is absolutely no equity. we are both seniors and at this point have lost all assets because of health issues.
Expert:  Law Pro replied 8 years ago.

There are a few loss mitigation techniques available. Obviously they want you to perform a "short sale" - that makes you get the buyer for them. They would prefer a short sale because then they don't have to find a buyer, incur realtor fees, nor take possession of the home, and finally, they can minimize their losses.


If you can find a buyer - then a short sale is great for you - you can walk away with nothing against your credit. Finding a potential buyer is the issue for you. As such you might want to talk to local realtors and see if they have anyone in their agency or know of anyone that handles short sales. There is money in it for them - not from you but from the lender.

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