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akltz21 · Joined: 15 Mar 2009 Posts: 2 1.46 Dollars($)

i have recently contacted the walk away plan vs. bankruptcy does this seem like the best action?...i have a home that is not habitable due to a water pipe break that is too costlu for me to fix. would it be better to foreclose or file bankruptcy in your opinion?

jameshogg · Posted: Sun Mar 15, 2009 7:56 pm Post subject:

Hi akltz,

You haven't mentioned the state your property is located in. If your property is located in an anti-deficiency state, then I think walking away is a better option for you. In an anti-deficiency state, the lender will not be able to sue you for the deficient amount resulting from the sale of the property.

Thanks

Guest

the property is in missouri. any other advice?

Niicss · Posted: Mon Mar 16, 2009 2:54 am Post subject:

Hi amanda

Missouri is a anti-deficiency state wherein the lenders will not be able to claim the deficient amount resulting from the sale of the property. So if your property goes into foreclosure, you will not be liable to pay the deficient amount to the lender. However, as the deficient amount will be forgiven, you may have to pay taxes. Again these taxes can be forgiven depending upon the state laws.

Thanks.

Guest

will the cc companies negociate before sending LARGE debt to collection

gmakerley · Posted: Wed Sep 09, 2009 6:49 am Post subject:

steve solo:

are you talking about negotiating a payoff with a lender that hasn't sent an account to collection? if so, i would offer you a definite "maybe" in answer to your question. i have my suspicion that a creditor will not do so, however, as they want all their money back, not just a portion of it. it's definitely worthwhile to try to bargain, though. if they accept partial payment and consider the loan paid in full, you'll have eliminated the need to deal with a collection agency.

Guest

i purchased a house several years ago and still owe 68,000.00. my husband i purchase another home 3 years ago to move his mother and sister in with because health issue and disablities; so we can care for them. we have try to sell the first house and have not been able. so, we have been renting it for 600.00 a month, the payment is 905.00 a month. (the 305.00 comes out of our pocket) the renters has moved out with out notice and destoryed the property. and we can affoard to fixs it nor can we afford to make both house payment on our own. so what is the best solution for us a walk away or foreclosure

jerry · Posted: Sat Nov 21, 2009 4:46 am Post subject:

Hi Kevin,

Once you walk away from the property the lender will eventually foreclose on your home. Thus, whether you walk away or let your property be foreclosed. The negative effect on your credit will be the same. In case you do not want to keep the property any longer, you should try and do a deed in lieu of foreclosure on the house. This will be a little less damaging on your credit than a normal foreclosure.

Thanks,

Jerry

Guest

We are 63 years old, our home is in disrepair with mold and a leaky basement. Also needing a mudjack for the garage and a new roof. We have perfect credit on our home payments. We cannot afford the repairs. Do you think a walk away would benefit us? We are upside down by 30,000 dollars. We live in Kansas City Missouri.

gmakerley · Posted: Mon Dec 20, 2010 8:09 pm Post subject:

If you perceive eliminating your debt a benefit, then I suppose it would. One thing you must consider, of course, is that you've got to live somewhere. There are loan programs that would be of assistance in getting you the funds to make the needed repairs, but of course, your equity position (or lack thereof, truthfully) isn't good.

One day (who knows how soon) prices will stabilize to the point that your value won't be upside-down. If you think you can wait it out, then it'd be advantageous, I guess.

Your mindset is the most important element in all this - if you can't see any sense in staying, then I would have to defer to you and your decision making (as if I have any say in the matter).

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