[KD Hawaii]

Either to sell (short sell, that is) OR File for bankrupt (either Chapter 7 or 13). If you do file for bankrupt, the bank cannot sue or go after your $$$

[airics]

Originally Posted by KD Hawaii

Either to sell (short sell, that is) OR File for bankrupt (either Chapter 7 or 13). If you do file for bankrupt, the bank cannot sue or go after your $$$

depends on the Judge.

[cedar_bluff_tree_farm]

Filing for bankruptcy won't stop your foreclosure for long. It will stop it until the judge releases it, but the home loan is a secured loan (the house was put down for collerteral) so the judge will release the home from the bankruptcy proceedings and allow the foreclosure to go through.

[olecapt]

Originally Posted by airics

depends on the Judge.

Whereas judges have discretion in a BK you aware of a case where the judge did not clear a second? On a first the seller would have to file a separate action for a discrepancy judgement...which is never going to happen on a BK.

[007 license to sell]

Originally Posted by KD Hawaii

Either to sell (short sell, that is) OR File for bankrupt (either Chapter 7 or 13). If you do file for bankrupt, the bank cannot sue or go after your $$$

If you want to try to mediate your loan their is a couple of new mortgage modification options for you. If you contact your bank directly under the new Obama mortgage program Hamp the bank will have to try to modify your loan and if it is determined that they can't for one reason or another you have the option of short sale,deed in lieu of foreclosure or a foreclosure

Second option in the new Nevada Law:
Foreclosure Mediation Program

The 2009 Legislative Session established the Foreclosure Mediation Program to help keep Nevada families in their homes. The law provides for mediation as an alternative method to help parties resolve disputes by agreement with the help of trained mediators. The program is for owner-occupied residential properties that are subject to foreclosure notices filed on or after July 1, 2009. For more information, go to the Nevada Judiciary website at http://www.nevadajudiciary.us/. and click on the “Foreclosure Mediation” button.

If you are considering bankruptcy I suggest you talk to an attorney their first consultation is usually free, I believe in order to get a 2nd forgiven you have to file a chapter 13 that is what an attorney told me. If you live in Vegas a good bankruptcy attorney is Deluca and Assoc 702-252-4673 that is all they do. They will take their time with you on your first consultation to help you to determine what type of bankruptcy would be the best for you. Good luck