We moved out of our Florida home 3 months ago because the lender wouldn't help us modify our loan. We

Asked by Kc, North Brevard Industrial Park, Titusville, FL Wed Nov 12, 2008

both looked for a full time job but couldn't find one and only had Social Security and Military retirement to pay our bills. My questions is, should we file bankruptcy now or not? Will the mortgage company come after our pensions after the house is sold for less then we owed or if my husband finds a job here in Ohio, will they go after that money? Please advise.

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Marian Derks, , Austin, TX
Thu Nov 13, 2008
If you have unresolved debt and your income has not come back up to the level it was when the debt was acquired, this is definately a time to vist a bankruptcy attorney. You can only come out a head by wiping the slate clean.

Marian Derks ReMax Capital City
1 vote
Connie Trinc…, Agent, Melbourne, FL
Sun May 22, 2011

You definitely have a financial hardship and a short sale maybe your answer. Please make sure you consult a local Realtor and real estate attorney to assist you in this process. A bankruptcy is also an option, however, if the Florida property is your only default, then you maybe able to save your credit with a short sale.

David Dicioccio, PA
RE/MAX Elite - Melbourne, FL
0 votes
Victoria Wat…, Agent, Algonquin, IL
Sat Nov 29, 2008
My recommendation is to find a local Real Estate agent that has done MANY Short Sales, and do a Short Sale. The lenders are VERY workable and will take less than what is owed on the house. And usually the entire process costs you nothing. The lender pays the commissions, the lender pays the closing costs, the lender pays for a attorney to represent you! And trust me, you NEED an experienced Real Estate attorney that understamds Short Sales as well, so he can get you a FULL release. An added bonus...there is a special program for Military personel and they get special consideration, so my last 2 short salees with vets have went very smooth! The trick is to get an EXPERIENCED short sale agent. If you need a referral, just ask because I teach a Short Sales class and I'll post the referral on our blog for you. Happy Holidays!
0 votes
Jeff Holloway, Agent, Sebastian, FL
Sat Nov 29, 2008
You may want to have a conversation with an attorney. Also there are attorneys that specialize in modifications. Are you behind in the mortgage, if so, how long. Alot of banks may not do anything until you are 3 months or more late on your mortgage. Short sale may be another option. If the bank agrees to the lessor amount, they most likely won't go after other assetts. Each state is different when it comes to foreclosure.
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