Posted on: 29th Nov, 2010 12:59 pm
Nov 19, 10 we have been discharge from bankruptcy 7 in Las Vegas. We no longer live or want the home anymore. We just got a letter from Wells Fargo our Mortgage lender saying they were inform about the discharge. Not looking to collect any payments. But if we are interested in doing a deed in lieu of a foreclosure or a Short sale. Our neighbor has ask us on how he can purchase the home? Should we do a short sale? Or just walk away and forget about it (foreclose)? Which is better for the out come? We got till Dec 21,10 to do anything about the home as said from Wells Fargo.
Hi Guest!
Welcome to forums!
I guess you haven't reaffirmed your mortgage. In such a situation, you're not personally liable for the mortgage payments. You can simply walkaway from the property. The lender will sell it off to recover as much dues as possible. You won't be liable for paying any deficient amount resulting from the property sale.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I guess you haven't reaffirmed your mortgage. In such a situation, you're not personally liable for the mortgage payments. You can simply walkaway from the property. The lender will sell it off to recover as much dues as possible. You won't be liable for paying any deficient amount resulting from the property sale.
Feel free to ask if you've further queries.
Sussane