Asked 1/17/2011
|
If I need to move and owe more than my house will ever sell for what are the fallouts from foreclosure? Other than the obvious credit getting destroyed. Say I foreclose and they take the house which was purchased in a spike or sellers market and was over appraised to match the sales price. Today's market I am upside down in it and could never afford to sell it. They foreclose on my mortgage do I get wages garnished or do they pursue any other fees? Or is it simply that my house is taken away with the mortgage and I have a horrible credit score afterward, although not ideal in the least that does not sound that bad which is why I am curious if they go after your assets similar to bankruptcy law or once foreclosed on I walk? |
Answer 1/2 - Submitted 1/17/2011
Depends on whether you have mortgage insurance or some type of guarantee. Personally, if I knew I was going to be foreclosed on, then I'd file Chapter 7 bankruptcy and start all over to rebuild my credit. Unsecured loans are wiped out like credit cards and you can always have the option to re-affirm on secured up to date loans, like cars and furniture. Your best bet is to talk to a bankruptcy attorney and get his slant on things.
Type your Answer in the box below and post your answer.
Related Questions (Ask a New Question)
I know student loans are rarely discharched in bankruptcy unless it would cause undo hardship to repay or if the loan went into default 7 years prior to filing for bankruptcy, both of which apply to me.
My husband is filiing for bankruptcy. i am not. i may be receiving an heritance, possibly before the discharge or soon after. will the inheritance have to be claimed to pay back his creditors if it's within the 180 days from filing? he will not be filing any joint debts.
My ex husband is filing for bankruptcy we had no joint debt and he owns the house which i have moved out of. we are filing seperately for taxes. we had an agreement before he decided to file for bankruptcy to split any tx refund or tax debt. he is now telling me that the court might take his refund...
|
Will filing bankruptcy prevent my tax refund from being taken even if only temporarily.? I know student loans are rarely discharched in bankruptcy unless it would cause undo hardship... |
|
If i'm not filing for bankruptcy, only my husband. will my inheritance be affected? My husband is filiing for bankruptcy. i am not. i may be receiving an heritance, possibly... |
|
Ex husband filing for bankruptcy My ex husband is filing for bankruptcy we had no joint debt and he owns the house which i... |
|
If you file for bankruptcy what, if any, tax implications are there? If someone is filing for bankruptcy, are you taxed on the property that you claim in the bankruptcy,... |
|
How do you do a self bankruptcy filing? So since you can file bankruptcy for yourself, how do you do it? it has to be done in exactly... |
|
What is a quitclaim when filing for bankruptcy? I am filing for chapter 13 bankruptcy? |
Ask A Question
Ask a new question about
Bankruptcy: