im in a situation with a forcloseure and am finally realizing i will be stuck paying everything..theier fees..court costs..taxes..the deficiency etc...the ex wife will walk away...how do i pay something like that off when i dont have the money....i cant afford a lawyer....im seeing my only option is to resign from my job and just leave the country....i cant do bankruptcy cause the first ex did me in there..it was only discharged in 2009...i dont see anyway out...other than leave...whats going to happen to me...i cant file a contempt against her ..she has a child from ..just isnt right...im soley on the loan...but in the decree of divorce she was given the house with the time frame of 3 years to either buy it or sell it...obviously she did neither...i wont go after her because of the child
At the point the deficiency creditor actually starts to pursue collection you can file Chapter 13. This can leas to a discharge if filed 5 years from the date of the first BK filing. Vetting competent Chapter 13 advise and representation is much less drastic and expensive than quitting your job and leaving the country.
Please note that the above is not intended as legal advice, it is for educational purposes only. No attorney-client relationship is created or is intended to be created hereby. You should contact a local attorney to discuss and to obtain legal advice.
The solution is not as dire as it may seem.
Was the mortgage included in the bankruptcy? It sounds like it was not but if it was there would be no deficiency owed.
How do you know the bank will pursue deficiency? They may issue a 1099.
The bank may accept payments on the deficiency.
If you truly are unable to pay and can prove to the bank that you are "uncollectible" then they may leave you alone.
There are some facts missing that would allow a full evaluation of your situation. Most attorneys will offer a free consultation and there are some groups that may represent you at reduced or no cost if your finances support those fee structures.
I think you should first talk to an attorney because your situation my not be nearly as bad as it seems, but if it is an attorney can help you review your options.
This answer is for general informational purposes only and does not establish an attorney-client relationship. Please contact a licensed attorney in your state of residence. For more information on our services, please visit our website at www.yesnerlaw.com.
The deficiencies can usually get negotiated as a settlement. Contact an attorney to help you negotiate it and cancel it once and for all
Contracts / Agreements Lawyer
Most lenders do not pursue deficiency judgments. If a borrower did not have the money to remain current with his/her mortgage, odds are they are not a good candidate to sue for some ridiculously large balance. The deficiency judgment cases I have seen are typically with commercial real estate and/or investment properties. This is why I believe loan modifications require some of the documentation they do (e.g. tax returns and pay stubs). Banks get borrowers to hand them over their most current financial information before they decide whether to sue for a deficiency judgment. Brilliant.