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dylatess, Attorney
Category: Bankruptcy Law
Satisfied Customers: 5156
Experience:  37 plus years of experience specializing in bankruptcy law
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HELP! I am at my wits end and unsure which way to go! Ive

Resolved Question:


I am at my wits end and unsure which way to go!

I've spoken with my mortgage company, a BK lawyer and several realtors.

My mortgage company will not modify my loan or work with me in any way and I have stopped making payments. My original plan was to file BK, buy a house in a better neighborhood (in cash) while the costs are so low and go on about my business of rebuilding my life.

Now I am struggling to find a house in decent condition, in my price range. I've got people advising me against BK and working (or trying to work) with the lender on a short sale and let the chips fall where they may.

Now I don't know what the impact on my credit is if I short sale the house; if I file BK; if I can still file BK with a short sale; or what to do.

Any advise you can offer, or options I should weigh, would be appreciated.
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  dylatess replied 5 years ago.
Over 33 years, I have assisted my clients with debt problems having filed more than 32000 Chapter 7 and Chapter 13 Bankruptcy petitions. Thanks for your queston. yes, you can do a short sale and then file a BK. But the BK will only asssit you if you have lots of other debts like credit cards as it does help to save your home. Further, you cannot force the lender to modify your loan and the court cannot do so either. So my best advice, if you were sitting in my office, would be to not make payments, let the house go into foreclsoure and not a short sale as this is a much loonger process, save your money, and then move. And when the dust settles, file a BK to discharge all of your other debts. As for credit, if you file BK or do a short sale or foreclsoure, they all have the same negative impact on your credit.

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