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Hi there. My name is Richard. I'll be happy to discuss this with you through this thread or by phone. Phone calls are a premium service and do cost a bit more, but I'm happy to help you with this either way. Just let me know.
Can you tell me specifically what they sent you? And, can you tell me what assets you own? Thanks Queena!
Thanks. It's to your benefit to give them this information as it's likely you can get them to do a deed in lieu of foreclosure and release you from any liability for the mortgage if the amount owed is greater than the value of the property. You don't need to file bankruptcy at this point. Even though you may owe this, their only recourse is to file suit against you to obtain a monetary judgment. Until they file suit and get a judgment, they can do nothing to you. Even if they get a judgment, they still must collect it. You want to remember that any retirement income is going to be exempt from their reach. Whether or not they will even pursue you depends upon their assessment of the collectibility of a deficiency judgment. So, if they actually do send you notice they are going to file a civil suit, if you can convince them there is nothing for them to get, and that if they were to pursue a judgment, you would simply file for bankruptcy protection and get the judgment discharged—and even if you have no intention of doing so, it is still good leverage with the bank because they do not know whether or not you would… then it is unlikely the lender will spend the time and money necessary to get a judgment they believe is uncollectible in the end. Rather, they'll allow you to simply deed them back the property in exchange for a release.
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