Posted on: 07th Dec, 2009 12:27 pm
I have a home, I have no other properties ,I lost my job cannot make my payment . I will be foreclosing I believe am I obligated after auction to pay any difference or is it best to file bankruptsy .
depending on the shortfall, bankruptcy may be your best bet.
If you can, contact your bank about a short sale. I'm not sure about your time line but its a lot better to go through a short sale than have a foreclosure on your credit report
Hi awalke,
A short sale would no doubt be a better option than a foreclosure. However, if there remains a difference from the short sale of the house, the lender will come after you. I think you can consider the option of deed in lieu. In most of the deed in lieu cases, lenders often forgive the difference.
A short sale would no doubt be a better option than a foreclosure. However, if there remains a difference from the short sale of the house, the lender will come after you. I think you can consider the option of deed in lieu. In most of the deed in lieu cases, lenders often forgive the difference.