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Over 34 years, I have assisted my clients with debt problems having filed more than 32000 Chapter 7 and Chapter 13 Bankruptcy petitions.
Your attorney is correct. Likewise, I tell my clients to stop paying and sit back. Note, once you stop all payments, in 90 days you will get a letter from the bank that they are beginning foreclosure proceedings. You then have another 90 days to work something out. If you do nothing, you will get a second letter telling you the date of the foreclosure sale. And if you do not move out by that date, the new owner has to go to court to file a formal eviction. So, depending how aggressive the bank is, it could take six months or longer before you have to move. Likewise, do NOT do a deed in lieu of foreclosure as this only benefits the bank saving them money and time. I wish you both well.
Thanks for your helpful reply. Our daughter and her husband are interested in purchasing our home if it goes to foreclosure. Is there any advantage to them if we did a deed in lieu or is the bank sale process the same?