Inevitable short sale or foreclosure.

[John Maloney]

Hey BP, I am wondering if the is anyone who can give me some advice on my inevitable foreclosure or short sale of my current residence and bankruptcy. I'm trying to weigh my options and trying to figure next step.

(I am located in south suburb of Chicago, Illinois if there is anyone local who can advise)

The mortgage was originally with GMAC but was sold to Ocwen. I am under water approx. $40-50k. I had health issues that caused me to be off work for a couple months after surgery and will be off again for at least a couple more months after my next surgery on Dec. 2. Bankruptcy since the multiple late mortgage payments are going to be pretty devastating to my credit not to mention the credit card debt that has accumulated.

I have been talking with them and was just approved for another trial modification. They OKed a trial mod back in October but I didn't make payments. I don't see any reason to throw away 3 months of payments just to stay in a house that is underwater.

Anyway I'm just trying to figure out what next step should be.

Shoud I start shopping for agents with short sale experience?

Should I start shopping for attorney?

Or maybe deed in Lieu?

I would like to cause the least amount of damage to credit as possible.

Thanks in advance for any help or direction.

John

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