Posted on: 09th Feb, 2011 09:43 am
hello:
here is my situation - refinance(with a second mortgage) my home in 2002 with a 10 years interest only mortgage. paid a good part of my credit cards and hoped to move out form the house in 5 years. personal problems (death in the family) worked against me and i am in a house that worth 1/2 of its value. i am currently in credit counseling program (for 3 years) for all credit cards related debts, still holding a job, but coming next year my payment will increase and the value of the house is still going down. i am trying to talk with the bank for either deed in lieu or short sale. if this will not work is chapter 13 to way to go? can you get rid the house (short sale/deed in lieu) in chapter 13? can an eventual deficiency law suite apply to my 401k?
thanks!
here is my situation - refinance(with a second mortgage) my home in 2002 with a 10 years interest only mortgage. paid a good part of my credit cards and hoped to move out form the house in 5 years. personal problems (death in the family) worked against me and i am in a house that worth 1/2 of its value. i am currently in credit counseling program (for 3 years) for all credit cards related debts, still holding a job, but coming next year my payment will increase and the value of the house is still going down. i am trying to talk with the bank for either deed in lieu or short sale. if this will not work is chapter 13 to way to go? can you get rid the house (short sale/deed in lieu) in chapter 13? can an eventual deficiency law suite apply to my 401k?
thanks!
welcome mihail,
a deed in lieu of foreclosure or short sale will help you to get rid of the property if you're delinquent on your mortgage payments. you can file chapter 13 which will help you in saving the property. if you want to get rid of the property, then you should go for chapter 7. contact a bankruptcy attorney and he will help you in this matter.
a deed in lieu of foreclosure or short sale will help you to get rid of the property if you're delinquent on your mortgage payments. you can file chapter 13 which will help you in saving the property. if you want to get rid of the property, then you should go for chapter 7. contact a bankruptcy attorney and he will help you in this matter.