We are filing chapter 13 bankruptcy and do not wish to keep our home. How can we do this successfully?
Please give suggestions on allowing our home to go through foreclosure or other means during our Chapter 13 process. It has become very apparent that we are unable to afford it and is part of our total money outlay problem. Not sure we can sell this property and get out from underneath the total payoff amount.
Also, what would happen if we sold the home for less than the payoff? Is foreclosue an option. Sounds painful. Need and appreciate all help with this situation.
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Talk to a bankruptcy attorney. Attorneys will give you a free consultation, and one who specializes in bankruptcy will be able to give you a realistic picture. They can also tell you how much it will cost if you hire an attorney to represent you for the bankruptcy, and advise you whether you should proceed with foreclosure or not.
Do NOT answer solicitations from those ‘foreclosure assistance’ people – most of them are rip-off artists. Do not sign your home over to someone else who claims they can help you get out of debt or keep your home.
If you choose to give up your house to foreclosure, you’ll be sacrificing all of the equity you have in it. That may be greater than the cost of forbearance. If you file Chapt. 11, you can stop the foreclosure until you get back on your feet, and make a promise to sell the home. At that point, the sale proceeds will go toward paying off your mortgage lender(s).
You could consent to relief from the automatic stay and allow the property to be foreclosed. This may have a bearing on whether you must or want to stay in chapter 13. Please consult with your attorney.