Hi all...
I didn't see that there was a foreclosure section until now.
Here's my situation:
I have no debt other than my mortgages. I have a first and a second that were both used to purchase the home. The property is in Nevada.
I owe $215000 on the first and $92000 on the second. The house is currently worth $160000. So the second is totally unsecured and the first is underwater by $55000.
I had to move to another state and obviously could not sell the house. I decided to rent it. My mortgage payment is $2300/month, I get $1000 for rent so I still have to come up with $1300 to cover the mortgages and pay for rent in my new apartment.... so basically there is NO WAY I can keep this up.
I stopped paying the mortgages in January and know that foreclosure is on the way......
So I'm looking at the possibility of around a $150000 deficiency. My question is.. should I file BK now or wait until I actually get sued??? Is there any way that I won't get sued for this deficiency?
I didn't see that there was a foreclosure section until now.
Here's my situation:
I have no debt other than my mortgages. I have a first and a second that were both used to purchase the home. The property is in Nevada.
I owe $215000 on the first and $92000 on the second. The house is currently worth $160000. So the second is totally unsecured and the first is underwater by $55000.
I had to move to another state and obviously could not sell the house. I decided to rent it. My mortgage payment is $2300/month, I get $1000 for rent so I still have to come up with $1300 to cover the mortgages and pay for rent in my new apartment.... so basically there is NO WAY I can keep this up.
I stopped paying the mortgages in January and know that foreclosure is on the way......
So I'm looking at the possibility of around a $150000 deficiency. My question is.. should I file BK now or wait until I actually get sued??? Is there any way that I won't get sued for this deficiency?