If I Just Walk Away, How Long Before I'm In The Clear..?

[bkquestions]

If I Just Walk Away, How Long Before I'm In The Clear..?

I mean, will the foreclosure follow me forever? Or at some point do they just have to give up?


Just a recap: I owe 475k on a house that's worth 200k. SO... could they follow me for life saying I owe the diiferences?

[JRScott]

Yes they could sue you for the difference and pretty much get judgments against you for the remainder.

The good news is that judgments are unsecured debt so you could file bankruptcy and remove them . The problem is that you'd probably suffer wage and bank garnishments until you filed and then vacated the judgments.

[lrprn]

I owe 475k on a house that's worth 200k. SO... could they follow me for life saying I owe the diiferences?

If you don't file bankruptcy and surrender the home to wipe out the difference between what the house is worth and what you owe, then your lender is going to follow you with garnishments and liens against assets for the rest of your life.

Given the infomration you've provided, it's a no-brainer to file bankruptcy, give up the overwhelming financial drain that is your house, and start over in a few months if you can file for Ch 7 and 3-5 years if you file Ch 13.

Please forgive the personal question, but I'm wondering how you were able to borrow more than twice what your house is actually worth? You don't have to answer if you don't want to.

[bkquestions]

Please forgive the personal question, but I'm wondering how you were able to borrow more than twice what your house is actually worth? You don't have to answer if you don't want to.

Well I use to be in the mortgage business, and I realized you could take out multiple loans at one time. And each of the other companies would never realize.

I honestly didn't think it was going to get out of control like it did, but I used the money for a business deal that went bad. My intensions were to pay back the money once the deal was finished.

[JollyGG]

Well I use to be in the mortgage business, and I realized you could take out multiple loans at one time. And each of the other companies would never realize.

I honestly didn't think it was going to get out of control like it did, but I used the money for a business deal that went bad. My intensions were to pay back the money once the deal was finished.

I hope you are using a lawyer, and I hope the lawyer knows this story. This sounds like it could get sticky.

[bkquestions]

I hope you are using a lawyer, and I hope the lawyer knows this story. This sounds like it could get sticky.

Yes that's my concern. I'm freaking out!!! Seriously I take multiple valiums on a daily basis until I know what the worst can happen.

[freshstart06]

pm I will direct you to a couple of mortgage broker forums that can help you answer your question in regards to your mortgage situation. You will need a good business Lawyer for your chpt 7 but in the meanwhile you will get an idea what you are facing.

[wingnut]

Deception / guilty demeanor

Hey,

Although I'm certainly not a lawyer, here's my take:

Ch7 or 13 COULD take care of the debt, if your lenders don't have a valid reason to dispute your claim.

Yes, you probably gave correct info on your loan aps. However, were there any written questions regarding other loans / applications pending?

The fact that you used to work in the industry might actually hurt you if it comes out.

Why would you apply for multiple loans simultaneously? You COULD say that you were trying to get the best deal. However, that implies that you were attempting to get 1 reasonable loan based on your situation, instead of ? # of basically the same loan. Even if you weren't in the industry it still seems deceptive to take out several of the same type of loan. If you were truly worthy of the 275 K or whatever, ONE lender would have approved you for that. Instead, you took out X # of valid loans, then supposedly blew the cash on something (hopefully a stash of gold or silver somewhere or something).

You might want to examine the term "guilty demeanor". Yes, the individual loans may have been valid, but it's not very reasonable to think that you were really worthy of that much credit, industry knowledge or not. The shotgun approach is OK if your trying for the BEST loan, not ALL OF THEM!

Admit it, you gamed the system for at least a quarter of a million dollars, intentionally. Perhaps you could start over as an "undocumented laborer" or something. Why WOULDN'T your lenders dispute this at a BK hearing?

Hire a skilled, and somewhat shady, law firm which performs both criminal and BK type cases. Perhaps brush up on your Espanol as well, as a contingency plan.

Good Luck,

Wingnut

[B12]

Hi BK, I remember you, yes, don't get into how you have so many loans again on this public forum.

You never know who will see it.

Did you ever talk to a lawyer about the situation?

[dscurlock]

If I Just Walk Away, How Long Before I'm In The Clear..?

I mean, will the foreclosure follow me forever? Or at some point do they just have to give up?


Just a recap: I owe 475k on a house that's worth 200k. SO... could they follow me for life saying I owe the diiferences?

wow, put some ankle bracelets on my feet

some was talking about chapter 7... but no one ever asked
how much you make to even see if you qualify for chapter 7...

with this type of money, I think someone will be tracking
your where-abouts, income, assets for a very long time
unless you file BK of course..., take their
advice, lawyer up, and get it taken care of, but
if it was your intent to fraud the lending system in order
to obtain multiple loans, then that may cause you some problems,
if this was the case, then just lawyer up because BK
will be the least of your worries...