Posted on: 13th Aug, 2009 12:42 pm
Changing states - must file bankruptcy - have 2 homes in present state (not selling) and about to start an owner financed home in another?...Lost work in 11-08, no prospects and no income since. Will relocate to state w/ more jobs and future prospects. How do I go through bankruptcy w/ debt accrued in present state but then still able to keep the home I'm about to move to in another state?
hi jrmsu!
welcome to forums!
rather than filing bankruptcy, it would be better if you could apply for a deed in lieu of foreclosure. you will have to surrender the property to the lender who will sell it off in order to recover the dues. unlike bankruptcy which would stay in your credit report for 10 years, a deed in lieu will remain in your credit report for 7 years. moreover, you won't be liable for the balance amount resulting from the sale of the property. thus, the lender will not be able to place a lien on your new property.
feel free to ask if you've further queries.
sussane
welcome to forums!
rather than filing bankruptcy, it would be better if you could apply for a deed in lieu of foreclosure. you will have to surrender the property to the lender who will sell it off in order to recover the dues. unlike bankruptcy which would stay in your credit report for 10 years, a deed in lieu will remain in your credit report for 7 years. moreover, you won't be liable for the balance amount resulting from the sale of the property. thus, the lender will not be able to place a lien on your new property.
feel free to ask if you've further queries.
sussane