Hello,
Love this forum! My wife and I are separating and I have seen my income dip 65% over the last couple of years. We own a home but it is $30,000 underwater and have racked up $30,000 in credit card debt. We have seriously considered BK but her family deeded her 7 acres 6 months ago and we found out the creditors would more than likely go after it and it would break her parents hearts as it has been in their family for generations. We are meeting with a Short Sale Specialist in ou area next week and I am aprehensive:
We can't make payments and it would seem we could stop but for how long in a Short Sale? She wants to move out and leave me with the house and I guess that is fine IF I don't have to pay the mtg. '
What is proof of insolvency when you fill out the 982 form? Any problems proving insolvency?
If we do a Deed In lieu of Foreclosure can they go after her land like in a BK?
Love this forum! My wife and I are separating and I have seen my income dip 65% over the last couple of years. We own a home but it is $30,000 underwater and have racked up $30,000 in credit card debt. We have seriously considered BK but her family deeded her 7 acres 6 months ago and we found out the creditors would more than likely go after it and it would break her parents hearts as it has been in their family for generations. We are meeting with a Short Sale Specialist in ou area next week and I am aprehensive:
We can't make payments and it would seem we could stop but for how long in a Short Sale? She wants to move out and leave me with the house and I guess that is fine IF I don't have to pay the mtg. '
What is proof of insolvency when you fill out the 982 form? Any problems proving insolvency?
If we do a Deed In lieu of Foreclosure can they go after her land like in a BK?
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