Legal Question in Real Estate Law in Pennsylvania

Letter writing to relinquish our home back to Mortage lender

We are in Full financial distress.We can no longer afford our home and want to write a letter to our mortage company, explaining we want to relinquish the home back to them. How do we write a powerful legal letter expressing this? The Mortgage company calls us 2-3 times aday, starting @ 8am till 9 pm.We recieve 2-3 letters a month from them wanting our payment. Our Payment due date is the 1st of everymonth, the late date is the 16th. We are called on the 1st and then after. We make a payment between the 1st and the 16th. We feel we are being harrassed also. There is noway out of this situation but relinquishment. Thank You

Asked on 1/13/07, 12:18 pm

1 Answer from Attorneys

Matthew Nahrgang Nahrgang & Associates, P.C.

Delinquent Mortgage

You have several choices: 1) surrender the property via a deed in lieu of foreclosure. That does not benefit you but assures you no longer own the property. Of course, you will have to move shortly afterward. 2) take no action and the mortgage company will eventually foreclose and sell the property at sheriff’s sale. This will have the same effect as the deed, but will provide you more time in the property. 3) defend any foreclosure action which will provide you even more time in the property with the same result as option number 2. 4) file a bankruptcy which will eliminate any personal obligations that you have with minor exceptions and will stop collection dead in its tracks.

I trust this has been helpful, but feel free to call or E-mail me on a free initial basis.

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Answered on 1/15/07, 11:43 am

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