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You are not alone when it comes to making a difficult decision about selling your home. Millions of Americans are upside down with their mortgage for a variety of reasons… many of which have hit hard times with a job loss or a lengthy illness. Unless you can work something out with your lender or get your mortgage payment reduced under the federal Home Affordable Modification program, it probably is best to give up your house. HOW you choose to proceed can make a very big difference to your financial future. Some options are:

• A short sale - getting the lender’s permission to sell the house for less than you owe.
• A deed in lieu of foreclosure - getting your lender to accept the deed back in exchange for an agreement to call off the foreclosure.
• Letting the foreclosure happen and staying in your house payment free for a short time until you get a notice to leave.
• Filing for Chapter 13 or Chapter 7 bankruptcy to eliminate foreclosure-related liabilities. This would delay the foreclosure sale for at least several months, extending the time you can remain in the house payment free.

In the long run, giving up a house may make things much easier for you and your family. If you are having to make these difficult decisions and need help in deciding if bankruptcy is right for you, call us for a free consultation. 731.424.3315.
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Looking for an Attorney to Guide You to Success?

Teel & Maroney is a Jackson, TN law firm that specializes in Chapter 7 bankruptcies and Chapter 13 bankruptcies, and has helped thousands of west Tennesseans in the following areas: Social Security Disability, Serious Personal Injury and Wrongful Death, Wills, Trusts, Probate, Estate Planning, Veterans’ Affairs, and Business and Corporate Law.

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