Attorney advised us to quit paying our mortgage?

Answers:1   |   LastUpdateAt:2012-08-19 14:16:02  

Question
Rella
Asked at 2012-08-07 02:24:02
Last winter , my husband was laid off during most of the winter and now we're behind a lot of credit card payments and loan payments , and although our car and mortgage payments are current, our payment mortgage just went up and feel that you can no longer afford. Our house has been on the market for a few months now, but with the way the economy is right now, we have not had any offers. We talked to a lawyer who advised us to stop paying the mortgage .... said he still be able to live here anywhere from 9-13 months before we had to leave due to foreclosure .... and use the money you would have used for the mortgage to start paying our credit cards and loans (most deals have offered 50% ) and then file Chapter foreclosure 13. I know a couple people who have done this and it worked for them, but we are scared because bankruptcy is a big step ! We would get out of debt faster and have a new beginning, but are still undecided. Has anyone else done this and what is your advice ? Thank you !
Answer1AspiringTeacherandMotherofFourAnswered at 2012-08-19 14:16:02
Not sure about your lawyer. I would contact the bank and tell them your situation . Frankly , the bank does not want your home and would be more than happy to get no money . Once excluded , will damage their future ability to obtain a mortgage . MedlinePlus MedlinePlus The same goes for your car . You may consider lowering the price of your home to suit the current market conditions . MedlinePlus MedlinePlus Good luck
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