Posted on: 31st Jan, 2010 09:53 pm
i have a condo with a total mortgage (1st & 2nd ) of 180,000. my condo would not sell for more than 160,000 and i would need to make app 10,000 in updates/repairs to sell. credit score 680. credit cards were "0", now $11,000 due to 3 months of unemployment. i could pay those off this year. starting work next week with income of $70,000. i've been struggling with total $1,700 in monthly mortgage payments. can't refinance because i'm upside on house. i could be 20 years trying to get out from under this.
monthly mortgage payments total: $1,700
1st: 1,100. 2nd is 400. hoa fees: 200.
i've been advised by many to declare bankruptcy. what should i do?
allow lender to take condo? short sale? bankruptcy?
me
monthly mortgage payments total: $1,700
1st: 1,100. 2nd is 400. hoa fees: 200.
i've been advised by many to declare bankruptcy. what should i do?
allow lender to take condo? short sale? bankruptcy?
me
Hi,
If you do not want to let go of the property, you can file bankruptcy Chapter 13 and pay off your debts through a repayment plan under the supervision of the court. If you file Chapter 7, your unsecured debts will be discharged through bankruptcy, but you'll have to reaffirm your mortgages in order to keep the house. Bankruptcy will affect your credit scores, but it can help you retain your house.
If you do not want to keep the house, you can try and short sell the property. If the property does not short sell, you can sign over the property to the lender through deed in lieu of foreclosure so that they can sell it off to satisfy their lien. However, you will have to wait for at least 2 years after a foreclosure, short sale or a bankruptcy to qualify for a new mortgage.
If you do not want to let go of the property, you can file bankruptcy Chapter 13 and pay off your debts through a repayment plan under the supervision of the court. If you file Chapter 7, your unsecured debts will be discharged through bankruptcy, but you'll have to reaffirm your mortgages in order to keep the house. Bankruptcy will affect your credit scores, but it can help you retain your house.
If you do not want to keep the house, you can try and short sell the property. If the property does not short sell, you can sign over the property to the lender through deed in lieu of foreclosure so that they can sell it off to satisfy their lien. However, you will have to wait for at least 2 years after a foreclosure, short sale or a bankruptcy to qualify for a new mortgage.