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Chapter 13 or not

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mihail Guest	Posted: Wed Feb 09, 2011 10:43 am    Post subject: Chapter 13 or not Like 0 Dislike 0 Hello: Here is my situation - refinance(with a second mortgage) my home in 2002 with a 10 years interest only mortgage. Paid a good part of my credit cards and hoped to move out form the house in 5 years. Personal problems (death in the family) worked against me and I am in a house that worth 1/2 of its value. I am currently in credit counseling program (for 3 years) for all credit cards related debts, still holding a job, but coming next year my payment will increase and the value of the house is still going down. I am trying to talk with the bank for either deed in lieu or short sale. If this will not work is Chapter 13 to way to go? Can you get rid the house (short sale/deed in lieu) in Chapter 13? Can an eventual deficiency law suite apply to my 401K? Thanks! _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
adonis Joined: 22 Oct 2005 Posts: 10574 Location: ALASKA 1090.82 Dollars($)	Posted: Thu Feb 10, 2011 12:15 am    Post subject: Like 0 Dislike 0 Welcome mihail, A deed in lieu of foreclosure or short sale will help you to get rid of the property if you're delinquent on your mortgage payments. You can file chapter 13 which will help you in saving the property. If you want to get rid of the property, then you should go for Chapter 7. Contact a bankruptcy attorney and he will help you in this matter. _________________ Procrastination is the enemy of your financial success

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