If I don't want to keep my home do I need to file a chapter 13 (already filed a 7 5 years ago)?

Question

I want to let go of my home, I just want out. If I release the property to the mortgage company will I still be responsible for the difference of what I owe & what they auction it for? I have missed one payment so far and have looked into doing a 13 but if I don't wnat the home anyway (can't sell, owe 30k more than what they are selling for, no equity, & can't afford it) then can I release the title to the mortgage company and will they come after me (garnish wages) for the difference after the auction?

Answer 1

I not real up on the new laws. Chapter 7 may be when you should have unloaded the House, but, Chapter 13 may allow for this too. Also, there is a length of time before you can file Bankruptcy again. I would call the lawyer that handled your last bankruptcy.
Check this link;
http://www.uscourts.gov/bankruptcycourts/bankruptcybasics/chapter13.html
On left are the others people and companies can file.

Answer 2

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RE If I don't want to keep my home do I need to file a chapter 13 (already filed a 7 5 years ago)?

I want to let go of my home, I just want out. If I release the property to the mortgage company will I still be responsible for the difference of what I owe & what they auction it for? I have missed one payment so far and have looked into doing a 13 but if I don't wnat the home anyway (can't sell, owe 30k more than what they are selling for, no equity, & can't afford it) then can I release the title to the mortgage company and will they come after me (garnish wages) for the difference after the auction?

Answer 3

What state do you live in? Step 1 is to talk to your bank about a "short sale" basically selling it for market value, and bank pays the remaining balance of what you owe. Do this before you miss any more payments.
Step 2 - Get Realtor who has experience with "short sale".

I'm working with a client just in your situation.

If you need a good agent in the area - I can get you in touch with one you to one.

[e-mail]

Answer 4

Call the law-er you filed with, there could be a way and still keep your house. If you don't ask you won't know.