Bankruptcy vs. Forclosure or Repossession
Job loss six months ago has left me facing the loss of my home. I have two mortgages on my home (1st-house, 2nd-pool). My house mtg company has agreed--name removed--send some ''Loss litgation forms'' for a ''Short sale'' of my home and if this doesn't work in the next 40 days, they have suggested that I sign ''A deed in lieu of forclosure.'' I am currently two months behind on the 1st mrtg. Please explain this me in more details. How does this work with the 2nd mtg? Can the 2nd mtg people still come after me? Is this better than filing bankruptcy against the two mortgages, two credit cards and medical bills? Please advise, as time is of the importance! Thanks in advance for your response.
Awaiting some sign of hope!