Let it go?
Submitted by acurashawn on Sun, 07/27/2008 - 10:48pm.
My wife and I live in Cal. and filed chapter 7 last month. However, we are current on mortgages, (10 yr. interest only/ 1st and 2nd w/ Countrywide on both). We're so buried; we owe $413k, it's worth about $260k. I'm currently unemployed and stay home with
the kids.
After reading some posts here it looks like Countrywide can't come after us as our 2nd was a 'purchase money' 2nd. Should we just let it go? Shoudl we try to short sale it? If we do decide to short sale, do we continue to make payments? We're scraping by every month as it is.
Since we already filed bankruptcy I'm not sure what our options are at this point. any comments welcome.
Thank you.
Comments:
Shawn-
"Let it go" - ie Foreclosure is truly the last resort. A short sale is much better for you and the lender. You can see in previous posts the benefits, esp when Fannie Mae came out and said they will allow a person to purchase a home 2 years after a short sale vs 5 years with a Foreclosure.
How late are you on your payments? Was the first Purchase Money? With a BK, they can often remove the home from the BK and allow the short sale to occur.
Contact me at 949-600-5404 or bob@inspiragroup.com and I can review the specifics of your situation.
BOB
Post new comment