Thanks to all who have provided a plethara of information here. I have read these post for about 3 weeks now and with so much info I am at a stand still and do not know which action to take first.
Short history. Have a property in Georgia that I owe around 140,000 with 20 left on it. It is now a rental due to parents becoming ill and having to relocate back to the midwest. Strategic Walkaway in Jan,2010. Have not made payment in 4 months. Letting bank foreclose on it. Homes in the neighborhood selling for around 60-70,000 tops. So I am Underwater by 50%,
Also the place has a tenant till June. So I have been saving the mortgage payment for my emergency fund.
Called BOA in Feb about lowering intrest rate from 29.99% back to 18% because the say I missed due date by 2 days. So they increased my rate and declined to lower it. So I decided that I would not send another dime to BOA. Kinda making my own stimulus plan..
Georgia is a recourse state and I have 2 rentals here. One with out a mortgage and the other about 38000 left to pay.
Question. When if I need to file for bankruptcy?
When the Mortgage Company comes after me in a Deficiecy Judgement.
I will wait to JDC come after me for the BOA credit card and try and settle for 10%.
Any Suggestion would greatly be appreciate.
I will try to see how things pan out and start at least researching BK lawyers just in case.
Short history. Have a property in Georgia that I owe around 140,000 with 20 left on it. It is now a rental due to parents becoming ill and having to relocate back to the midwest. Strategic Walkaway in Jan,2010. Have not made payment in 4 months. Letting bank foreclose on it. Homes in the neighborhood selling for around 60-70,000 tops. So I am Underwater by 50%,
Also the place has a tenant till June. So I have been saving the mortgage payment for my emergency fund.
Called BOA in Feb about lowering intrest rate from 29.99% back to 18% because the say I missed due date by 2 days. So they increased my rate and declined to lower it. So I decided that I would not send another dime to BOA. Kinda making my own stimulus plan..
Georgia is a recourse state and I have 2 rentals here. One with out a mortgage and the other about 38000 left to pay.
Question. When if I need to file for bankruptcy?
When the Mortgage Company comes after me in a Deficiecy Judgement.
I will wait to JDC come after me for the BOA credit card and try and settle for 10%.
Any Suggestion would greatly be appreciate.
I will try to see how things pan out and start at least researching BK lawyers just in case.
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