Dont want to keep the house

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Icon Mini Profile lourdesarias20




Joined: 19 May 2009

Posts: 1

1.35 Dollars($)
PostPosted: Tue May 19, 2009 3:41 pm    Post subject: Dont want to keep the house

I am going to file chapter 13 and I do not want to keep the house. Unfortunately I will have a deficiency once it goes to auction. Can the bank take out a loan in my name for the deficiency? How will the foreclosure and chapter 13 affect me credit is it a double hit?
Icon Mini Profile jenkin7
jenkin7



Joined: 04 Jun 2007

Posts: 3429
Location: Hawaii
514.13 Dollars($)
PostPosted: Tue May 19, 2009 11:10 pm    Post subject:

Hi lourdesarias,

Most people file chapter 13 to avoid foreclosure and keep the house. It is a bit strange that you do not want to keep the house, yet you are going to file chapter 13. A chapter 13 combined with a foreclosure is going to ruin your credit and it will be really difficult for you to get a mortgage after the bankruptcy discharge. As for the deficiency, the bank cannot take out a loan in your name.
lourdes

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PostPosted: Wed May 20, 2009 4:52 am    Post subject: Loose the house

My ex moved in next door. Things are getting a little crazy and I need to run. I am upside down on my house about 100k. I am afraid the bank will come after me. I went to a bankruptcy attorney and this was his suggestion.
Icon Mini Profile Jessica
Jessica
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Joined: 08 Jun 2004

Posts: 814
Location: OHIO
195.97 Dollars($)
PostPosted: Wed May 20, 2009 6:22 am    Post subject:

Hi Lourdes,

I'd rather advise you to keep your home since you've thought of filing Chapter 13 bankruptcy. It'll actually help you make payments on your mortgage through a 3-5 year plan as approved by your lender and the court involved.

If you file Chapter 13, it'll put an automatic stop to any legal actions against you. For instance, your lender won't be able to foreclose on your property. So, there's no question of a deficiency judgment while you're under Chapter 13 plan. Also, the bank would not take out a loan in your name to compensate for the deficiency payment even if there would have been a foreclosure filed by the lender. I feel the bankruptcy attorney has given you the right advice by suggesting that you file Chapter 13.

Regards,

Jessica

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Icon Mini Profile wealth2366




Joined: 20 May 2009

Posts: 4

3.42 Dollars($)
PostPosted: Wed May 20, 2009 12:19 pm    Post subject: Why dont you do this!!



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Icon Mini Profile gunzijjistaff
gunz.ijjistaff



Joined: 07 Apr 2009

Posts: 458

6.81 Dollars($)
PostPosted: Sun May 31, 2009 12:31 am    Post subject:

Why they pasting copied on this forum ?
That means need strict rules for that.
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