I am not quite sure on how all this works. I want to let my condo go. Can the mortgage comapany come after me for what is left over balance on my loan. I owe 110,000 and it is roughly worth 70,000. who know what it would go for in action. secondly if they can come after me for what is left can that go one a BK? Or can I fill BK and let the house go and be protected from the mortgage company under the BK. Please help
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h2oman if you file BK7 you can include your condo and get rid of that debt forever when you are discharged (and all your other debts too if you qualify). If you haven't filed BK the bank can foreclose and come after you for the deficiency. -
I filed chp 7 on my cc debt. I WAS going to keep my condo, but ended up defaulting. I had my 341 meeting. Then I got papers from mortgage company regarding a court date set to lift the automatic stay of relief. Which, is just so they can proceed with foreclosure. They can't go after anything on my property because I'm like you, upside down. There is no equity in my property at all and even if there was. They can't take it since I filed for a homestead. It protects me up to I believe 400,000 or so of equity and with the homestead they have no right to claim the property. (the credit card companies). I'm not sure where you're from, but check in to filing bk and look in to the homestead law in your state.Comment
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I have the meeting with the lawyers on Thursday. I talked to him a little bit and they siad if you don't want it then we can also put that on. I will go more into detail with him about that. On the other hand non of my debt is on my wife name, So i guess thus can't effect here?
I have never been through anything so stressfull. I am on blood pressure meds for about a year and they work fine, and after going forward with BK it is sky rocket high. Am I the only one?
Thank for all the helpComment
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