My husband and i have done everything we were told to do and our mortgage payment still went up. We can't afford 3400 a month. We have to let our house go. Do we need to file bankruptcy or not. I know if we want to try and save it we do but we just can't keep it. Also we have the option to buy my family home that needs alot of work but it will be a owner finance. Can they come after that home?
2007-12-27 13:57:09 · 5 answers · asked by Kristi F 1 in Business & Finance ➔ Personal Finance
I don't need all the lectures about my life and my expenses. You don't know everything about the situation I just wanted an answer to my question other comments are not needed i already feel bad enough.
2007-12-29 15:08:35 · update #1
You could declare... but I'd sell the house...... and purchase the family home AFTER you settle this first loan... or take a 2nd out on the family domicile to satisfy the 1st on the house you are in now...
but YES.. they CAN come after any of your assets.. including the 2nd home..
2008-01-04 05:32:01 · answer #1 · answered by I Can Count To Potato 7 · 0⤊ 0⤋
If there is enough equity in the house that there'd be no deficiency judgment, or if you can do a deed in lieu of a foreclosure or a short sale (neither of which are amazing on your credit), then no, you don't need to file. If there is a chance of a large deficiency judgment, then filing would be a good idea. If you want to buy your family home and want to file a bankruptcy discuss this with a bankruptcy attorney. But first see what you can work out with the mortgage company.
2007-12-31 05:36:51 · answer #2 · answered by Lesley 5 · 0⤊ 0⤋
i would file bk == leave the family home deed as is until the bk is finalize and than you can work out some kind of payment plan for the family home ==i would use any money that comes available to fix up the family home while you are waiting for the bk to settle!!!
2007-12-31 03:47:21 · answer #3 · answered by mister ed 7 · 0⤊ 1⤋
No you don't file bakruptcy. you SELL THE HOUSE. If you end up short of waht you owe, then you work out a payment plan and pay it off.
You should also consider cutting your expenses/lifestyle, getting additional work/income, getting rid of cable, cell phones, internet, etc. Not eat in a restaurant until it is paid off, etc.
www.daveramsey.com
2007-12-27 14:04:07 · answer #4 · answered by Anonymous · 1⤊ 1⤋
Exactly what Rick B said
2007-12-27 14:11:13 · answer #5 · answered by Guggi 4 · 0⤊ 1⤋