Posted on: 23rd Dec, 2008 03:22 pm
I am a GA resident and own unimproved property in NC. I am unemployed and I am currently late on the land monthly payment.
I have been researching but see little difference in foreclosure vs. bankruptcy. I have other forms of income so that Chpt 7 is not an option (means test).
I am in the process of selling my primary residence to reduce secured debt and plan on moving into my investment property in July 09.
As NC is a non-judicial state and well as non-deficient, what might be the possible scenario be if I hold out on payments and go through foreclosure?
Are there other options than I am not thinking about?
I have been researching but see little difference in foreclosure vs. bankruptcy. I have other forms of income so that Chpt 7 is not an option (means test).
I am in the process of selling my primary residence to reduce secured debt and plan on moving into my investment property in July 09.
As NC is a non-judicial state and well as non-deficient, what might be the possible scenario be if I hold out on payments and go through foreclosure?
Are there other options than I am not thinking about?