Legal Question in Credit and Debt Law in Alabama

We have a business and real estate with a double wide from vanderbilt mortgage (the same co we bought the home from) The realestate is owner financed and we would deed the property back to owner. Our business has suffered from the recession/depression and we see that we will may have to give the home back to vanderbilt. We have made about 3 years of pmts. What would happen with the 50k balance we owe on the home. Would they sue us even though we gave it back and we have no money to make payments? We were hoping to sell enough to pay it off and give the home to the owner of the property when we deed it back to him, But that would be very lucky. Thank you for your help . . . God knows we need help.

Asked on 1/21/10, 7:24 am

Randal Ford Ford Firm

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The mortgage company will eventually sue you. You should contact a local bankruptcy attorney for further advice.

Answered on 1/26/10, 7:38 am

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