A: The answer is it depends on a lot of details which you don't relate.
Do you have only one mortgage on your property? Is your home underwater or do you have some equity? If you have more than one mortgage, then you cannot do a deed in lieu of foreclosure.
What kind of bankruptcy are you interested in filing? Do you have at least $10,000 in dischargeable debt? Why are you behind? Will you ever be able to get caught up? If you want to save your home, you either have to figure out how to get current if you want to file a chapter 7 bankruptcy or you can file a chapter 13 which will allow you to get caught up on the amount you are behind over a 3-5 year period. If you had an interruption in income and will be able to resume monthly payments but need some help getting...
A: PS - do you need a lawyer? Do you have to ask? No one "needs" a lawyer. If there are documents that you are receiving, like a deed-in-lieu, then you may want to consult with a lawyer and pay the lawyer to review for you. Likewise, if you are served with a foreclosure complaint, then you should consult a foreclosure defense lawyer to see if you have any viable defenses.
There is no verbal agreements. Any arrangements come with paperwork.
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