Must you have a lawyer if your house is foreclosed on? -

I ve been trying to sell it, have other living arrangements, and cannot meet the payments anymore, my savings account is at 0 and I no longer make enough to keep the payments up until it sells. I m ok with foreclosing, losing the house, and I understand what it will do to my credit and prospects of getting a loan in the future. I just want to know if I must get a lawyer or if I can handle everything myself.

you might want to talk to your lender and see if there is anything that you can work out prior to foreclosure. perhaps you can arrange a shortsale or a deed in lieu of foreclosure. these both hurt you, but not quite as much as a foreclosure. the other part of this argument is how much you still owe on the mortgage, and how much do you think that the bank would get in a sale of their own? if there is a huge gap there, you might want to at least talk to a real estate attorney...as there could be a good chance that the bank would pursue a deficiency judgment against you.

You don t even need yourself, technically. You can simply leave the house, stop paying, and let it be seized. However, if you want to minimize the fallout, a lawyer might help. But given that you have no money and are willing to lose the house and ruin your credit (OK, not willing, but you understand that it s inevitable), I m not sure that this is a worthwhile expense for you. My only warning: even if your stop making mortgage payments, make sure to pay property tax. Your city can continue to go after you for that money in the future.

offer them a deed in lieu but no you don t need a lawyer since you cannot pay how can you pay an atty. You may need one once it sells for a bankruptcy case