Can I File Bankruptcy Az
Should I let my house foreclose?
I bought a house outside of Phoenix, AZ almost two years ago, thinking I was getting a good deal. The house was originally $230K and we bought it for $157K. Most similar-sized homes in our neighborhood are selling for about $80- 85K right now, and we have paid maybe $2000 off of our mortgage (30 yr 6% fixed). We had to file bankruptcy a few months ago (lay-offs, etc.) so my credit is already ruined for several years, so I am thinking that maybe I should let my house foreclose now instead of dealing with it later. I just know that we don’t want to live here for a really long time and if we decide to move, won’t we be so upside-down still that we will wind up foreclosing anyway? I highly doubt the value will ever go up to what we paid for it again. What are our options? We can afford our payment since we filed bankruptcy, although it is a large % of our income. And we are current on our mortgage. Do you have to pay the deficiency balance after it forecloses?
Some dangerous answers here. I know some people that foreclosed 2 years ago, now that they are back on their feet and have jobs, the lender is now coming after them for the deficiency. Do not count on the lender just going to forget about that debt, some lenders are selling off their bad paper to very aggressive collections companies who will do whatever they can to get the money.
Foreclosure is a very serious issue, with long reaching effects.
From the tone of your question, you have already made up your mind, but make sure you check out with an accountant, not people here, on how this is going to effect you down the road. You may have bigger problems than your BK and losing this house.
How much does it cost to file bankruptcy.mp4
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