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Category: Legal
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Experience:  Licensed attorney helping individuals and businesses
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I have been trying to modify my home mortgage since March 09

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I have been trying to modify my home mortgage since March 09 with no luck.
Due to home repairs and other financial problems, I am seriously considering letting the house go. My loan did include PMI. The loan balance is around 103,000, but in this area the house will probably not sell for over 65-70,000. I am ready to move out and let the bank have the house. My biggest concern is what will happen when they foreclose? What would I be legally liable for? I dont want to be in any legal trouble, I just cannot afford to continue to try to hold onto the house, especially now that it needs a new heating unit. Please let me know any info. Thank you, Jan
You want to avoid a foreclosure. This is a matter of negotiation but lenders are more likely to acomodate such an application these days seeking to avoid long litigation and legal fees. You need the lender consent to do a deed in lieu or a short sale to avoid a deficiency claim for the difference.
If a foreclosure is secured and a deficiency judgment in addition, then indeed the creditor can put a lien on other assets. Seek to negotiate a deed in lieu of foreclosure to avoid this prospect
To find local counsel to represent you, see
Customer: replied 7 years ago.
Do I need a lawyer to do a deed in lieu or short sale? What should I do next?
It would help to have a real estate lawyer to so negotiate with the lender but not mandatory. You can find such a lawyer locally on
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