...which option will benefit me most???

[ab33arch]

i've posted a thread explianing my situation but wanted to do a shorter version in hopes of getting more responses...here's a bullet point of facts...

1) i owe about 130k now on my mortgage
2) property was appraised at 120k in april
3) i'm planning to file Chapter 7
4) IF i do a short sale, agent would list it at 90k as is....(1.3 acres, 2 bedrm, 1 bath, unfinished walk up attic, only a few major concerns - i feel as if someone coming in offering 80k would be a pretty darn good deal but of course i know with a short sale its up to the lender to approve the offer or not)

now, i know that if i'm filing Chapter 7, then there's no real benefit to doing a short sale or deed in lieu....but my main thing is the timeline to recovery....i want to find a way to get this off my hands as quickly as possible IF possible....i really don't want to lay back and save money while in foreclosure if i could get the house off my hands and then start my life fresh and with a clean slate....

which option would benefit me most IF i want to get this done quicker and not wait for foreclosure??

a) short sale for 4 months - if it doesnt sell, ask for deed in lieu - gets approved - file for Chapter 7

b) short sale for 4 months - doesn't sell - file for Chapter 7 - wait for foreclosure

c) short sale - sells - file for Chapter 7

d) ask for deed in lieu - doesnt get approved - file for Chapter 7 - foreclosure

3) file for Chapter 7 - wait for foreclosure

also, i assume in options a-d, i would wait to file for Chapter 7 or do i not wait??

[newbie2]

The only benefit to you in short selling your home is that it does get the home out of your name quicker. (If you pay association dues for example, those would continue until the home is out of your name.) You would also avoid having a foreclosure in your public record.

It sounds like you want this over with quickly. If that is the case then attempt the short sale. (Although, they aren't called short sales because it is a quick process. Far from the case..)

Only you can be the judge of what is best for you.