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Need clarity
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 Posted: Wed Nov 04, 2009 11:22 am Post subject: Forclosure and bankruptcy |
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House is being forclosed in dec 2009 extended from nov 09. Modified loans did not work. Mortgage company turned down short sale (no immediate buyer) Do not want the house. Currently trying to sell the house. No takers so far. Bought under VA loan, owned by both husband and ex wife. Do I need to declare Chapter 13 bankruptcy, to avoid mortgage company garnishing me for deficiency once house is forclosed on.
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Bromranch
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| Posted: Wed Nov 04, 2009 5:51 pm Post subject: |
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| how long did they give you a notice of forclourse |
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 jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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| Posted: Wed Nov 04, 2009 9:32 pm Post subject: |
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Hi Guest,
If it's the property for which you want to file bankruptcy, then I would rather suggest you to go for a deed in lieu of foreclosure. Though the credit effects would be same as a foreclosure, you won't be liable for the deficient amount.
Also, you should remember that filing Chapter 13 will not help you much. It would help you in reorganizing your debts. The lender would give you a repayment plan in order to pay off the mortgage balance.
Thanks |
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Guest
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| Posted: Thu Nov 05, 2009 10:44 am Post subject: |
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| Lender will get paid off by the VA. Not the end of your problems though. VA used to go after vets to the ends of the earth and claimed their rights weren't hindered by BK. Something to do with government guaranty. Not sure if VA is following this same policy today. |
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