Compare Mortgage Quotes

donaldsandra · Joined: 28 Oct 2009 Posts: 1 1.37 Dollars($)

My son is recently divorced. He has a job (same job for 12 years). He owns a condo with $12,000.00 equity. When married he refinanced his truck to get money to pay a bill of his wife(now is upside down on truck loan at 16%. He owes $15,000.00. He owes $72,000.00 on condo. Also is paying off credit cards his wife got without his knowledge. They total about $3,000.00. He makes $12.90 an hour, but comes up about $600.00 a month when it comes to expenses. He can't find a part-time job. He's considering bankruptcy (not sure if he is eligible) or foreclosure. I know there are privacy laws, but my son does not have email and is 41 years. Solution?

adonis · Posted: Wed Oct 28, 2009 11:20 pm Post subject:

Hi donaldsandra,

If your son wants to file bankruptcy, it would be a better option to consult an attorney. The attorney will look into the whole matter and would help him to decide which chapter of bankruptcy he should file for.

A foreclosure, on the other hand, will only help him in getting rid of the property. However, he would also be responsible for the deficient balance resulting from the sale.

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1

Compare Mortgage Quotes

Bankruptcy or foreclosure