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Short sale vs foreclosure or bankruptcy

Posted on: 22nd Jul, 2008 05:57 pm
we live in florida,

we have primary residence with 2 loans. (80/20)
house values have decreased by 40% and we can not make payments anymore after my arm adjusts.
both my credit score and wife's is above 800. have never missed a payment.
would do foreclosure, but afraid of deficiency judgement.
what would be better bankruptcy, deed in lieu of foreclosure or short sale.
also paying on 2 cars and want to keep them, and have $ 7,000 in credit card debt.


can i pay a lawyer to negotiate for me?
Posted on: 29th Jan, 2010 11:15 am
CORRECTION: Monthly Mortgage Payments Total: $1,700
1st: 1,100. 2nd is 400. HOA fees: 200.
Posted on: 29th Jan, 2010 11:25 am
only 2 percent of person get an actual loan modification....its a failed program. go talk to a ch.7 attorney. I did a ch.7 and in 2 years have my score back up to 680..i can get any auto loan and can even purchase again ...
Posted on: 30th Jan, 2010 07:18 pm
If I work two jobs on full time do i have to report both jobs to the bank when doing a modification?
Posted on: 21st Apr, 2010 08:38 pm
Welcome priss,

You will have to report about both the jobs to the bank while you apply for a modification. The lender will send you a financial worksheet which you need to fill out properly in order to get the loan modified.
Posted on: 22nd Apr, 2010 12:22 am
The 1st choice would be Deed in lieu of Foreclose(DIL)above the others. However a DIL and a short sale has to be granted by your lender. Now if you are denied for the DIL and you can't sell the property in a short sale I would say bankruptcy would be the absolute last choice if you are determined to keep your property. However, I would not make this a 1st choice due to the credit implications, which is long lasting. :)

[External link deactivated as per forum rules. Thanks.]
Posted on: 01st Jun, 2010 05:46 pm
we just recieve paper for a forclosure, i have been paying a motification payment for 9mo. and they told me they can not do it. i was contacted by a person to help me with the bank on modification and in the mean time he said we need to put the house on market to stop the forclosure. my husband has been talking to a bankruptcy att. that said we need to fill chapter 11 to stop the forclosure we have to fill bankrupty anyway but wwe were filling chapter 7 and trying to keep the house. what should we do i need a outside appion. i want to do the right thing it is already sad ..
Posted on: 12th Aug, 2010 09:06 am
Posted on: 13th Aug, 2010 12:59 am
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