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Roger, Attorney
Category: Bankruptcy Law
Satisfied Customers: 31566
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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I have already posted my questions what more info do you need

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I have already posted my questions what more info do you need? Do I need to retype orginal questions?
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  Roger replied 6 years ago.
Hi - Apparently, your entry did not post. Can you retype your question?
Customer: replied 6 years ago.
My husband and I owe about $9,500.00 in unsecured debt. We are 3 almost 4 months behind in our mortgage. We are trying to do a loan modification but they have not decided if we qualify or not they have not. We bought our home in Jan of 2008. We paid 159,000.00 and the balance is 153,000.00 plus late fee's. I don't think we can sell it for what is owed with the market down. We live in St. Joseph Mo. We don't know if we should do a deed in lieu of foreclosure, or let them forclose and file bankruptcy which I understand we can"t start the bankruptcy until we file our 08 & 09 tax return which we are in the process of doing. How can we include the forclosure deficiency in the bankruptcy due to the fact we won't have an amount until the house sells?
Expert:  Roger replied 6 years ago.

Your absolute best option is to offer a deed in lieu of foreclosure because it avoids foreclosure and a deficiency. It is a peaceful return of the property to the lender. The only catch is if the lender will accept it - which is totally up to it.


If the lender will not accept the deed in lieu, and you can't file bankruptcy before the foreclosure, you absolutely can include the deficiency in your bankruptcy when you file.

Customer: replied 6 years ago.
I need to know if we file bankruptcy now how can the deficiency that might not be dertermined for quite a few months be included now.
Expert:  Roger replied 6 years ago.

If you file bankruptcy BEFORE there is a deficiency judgment, the mortgage will simply be included in your bankruptcy and discharged accordingly - there will never be a deficiency judgment.


If you file bankruptcy, the lender will ask the court for permission to foreclose on the property - which the court will allow - and whatever the sale produces will be all of the recovery the lender will have. The remaining balance owed will simply be discharged.

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