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Richard
Richard, Attorney
Category: Legal
Satisfied Customers: 54026
Experience:  Attorney with 29 years of experience.
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I moved to January 2014 to take care of my sick mom. I was

Customer Question

I moved to Virginia January 2014 to take care of my sick mom. I was previously semi-retired. I owned a house in Baltimore. I recently spoke with the bank to let them know that I no longer want the house. They sent me some paperwork to fill out. I don't understand them. I am not able to keep the house financially. My daughter stayed in the house from January 2014 until April of this year. She recently got married and needed more space. I need a lawyer but not financially able to secure one. I would like to also file bankruptcy. I am 65 years old. I am not financially able to continue paying on bills that I will never be able to payoff. I need to speak to someone in regards ***** ***** I need to do. My name is***** My phone number is(###) ###-#### ***** house phone here is(###) ###-#### ***** can be reached anytime of the day.
Submitted: 5 months ago.
Category: Legal
Expert:  Richard replied 5 months ago.

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.

Customer: replied 5 months ago.
I can do this by here but it will probably take longer because I don't type hat fast.
Expert:  Richard replied 5 months ago.

Can you tell me specifically what they sent you? And, can you tell me what assets you own? Thanks Queena!

Customer: replied 5 months ago.
The information they needed is a borrowers financial report, hardship letter, a completed 4506-T form, checking and savings account information for 2 months, proof of all household income. Social security statements , pension/ retirement statements rental income etc.
Customer: replied 5 months ago.
I have a 2006 car. My life insurance policy. $99.00 in my checking and about $800 in my savings. I get $779.00 from social security monthly.
Expert:  Richard replied 5 months ago.

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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