Posted on: 13th Jan, 2010 10:08 am
I am 100% total and permanent disabled (service- connected). Recently lost everything to "investment" that turned out to be a major PONZI scheme... FBI is filing indictments soon.... Home previously valued at 650000 now short selling for 270000 . I owe 1st (not purchase money) is 396000 and 2nd (taken for investment) is 78000. Only income is VA, Social Security, and Disability Insurance from work. ($7,080 / month). No savings or retirement accounts. No assetts... have moved to 1-bedroom rental. No Credit Card debt. (If short sell succeeds... mortgage company wants to retain right to sue me for rest of my life.) I want to CUT all financial ties to everyone... then move over seas for a while. should I SHORT sell... FORECLOSURE... or BANKRUPTCY. If BANKRUPTCY... when should I do it... NOW or AFTER foreclosure? THANKS for helping out a disabled Vietnam Veteran.
welcome tommylee,
rather than filing bankruptcy, it would be a better option to apply for a deed in lieu of foreclosure with your lender. if the lender accepts it, you won't remain liable for the deficient amount resulting from the sale of the property. thus, the lender will not sue you for the mortgage payments. however, your credit score will go down by 250 points.
rather than filing bankruptcy, it would be a better option to apply for a deed in lieu of foreclosure with your lender. if the lender accepts it, you won't remain liable for the deficient amount resulting from the sale of the property. thus, the lender will not sue you for the mortgage payments. however, your credit score will go down by 250 points.