When we have been investigating RTA (prepared to assemble) kitchen cabinets, we discovered a lot of data on firm internet sites. He sad he had done the very same prior to, that there are methods to get these who have been via foreclosure into a home as renters, eventually selling them the land the property was on…this was his way of dealing with all of his foreclosed properties…re-promoting them to financially steady individuals (like ourselves) who had just gone via a tough time (like so several others who are in this circumstance, my husband had lost his job).

The mortgage and title of the residence are in my name only, after the whole realstate bubble popped, my home has lost value dramatically, locations like mine are selling for about $43K to $63K, so I can’t refinance to get a lower payment and possibly rent the location although I acquire yet another place, we have one particular kid now and strategy to have extra, but will need a bigger spot.

If the bank comes following you for a deficiency judgment, I don’t think they can take your new home-only file a lien against it. That will only matter if you sell it. In addition, you ought to be capable to remove the deficiency judgment by filing for bankruptcy if you want to. You will end up with negative credit whatever you do, but there are several things in life that are extra critical than credit.

Your finest course of action may perhaps be to wait until the bank files for a deficiency judgment (if they even do), then file for bankruptcy to wipe out the debt legally-and the rest of your debts along with it. Your credit will already be shot right after the foreclosure, so there’s no reason not to get a fresh start if you need it.

I understand that my credit will be shot… but I definitely don’t think I have any other decision… no one particular is prepared to perform with me… the residence is sitting empty… I am renting curretly…this is all new to me and I pray that I am never in this predicament again… How does all this work… I have no enable… and am quite confused by it all!!!