| Author |
Message |
|
|
 smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
|
 Posted: Wed Jun 10, 2009 11:07 pm Post subject: |
|
|
Hi larenzo!
Welcome to forums!
You can file bankruptcy once the foreclosure has been declared. If you do not want to file bankruptcy, you can go for the deed in lieu option. A deed in lieu will remain in your credit report for 7 years and will reduce your credit score by 250 points. However, you will not be liable to pay the deficient amount resulting from the sale of the property. The deficient amount will be forgiven.
Feel free to ask if you have further queries.
Sussane |
|
|
mimi
Guest
|
| Posted: Thu Jun 25, 2009 2:47 pm Post subject: bankruptcy |
|
|
| do I have to payback the bank after filing chapter 13 |
|
|
smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
|
| Posted: Mon Jun 29, 2009 12:19 am Post subject: |
|
|
Hi mimi!
Welcome to forums!
After filing Chapter 13, the lender will give you a payment plan which will help you in repaying the debts within 3-5 years. Once you pay off the debts according to the plan, your bankruptcy will be discharged.
Feel free to ask if you've further queries.
Sussane |
|
|
Previous 1 2
