I have had my house on the market for almost a year (i. I had thought that I had $50,000 in equity on my home. Unfortunately, based on the comps, my house is actually worth about $40,000 less than the mortgage. I have had the property listed as a short sale for a good amount of time (with no luck) and just want to hand the keys over to the bank, have the title transferred from my name to the bank, and not have to pay a deficiency.
Due to unnecessary litigation, lawsuits, job loss, rise in mortgage payments, however, I have lost control over my finances. As a result, I urgently need to file a Chapter 7 Bankruptcy. Should I file before or after speaking to the bank about a deed in lieu or does it matter? I also will be getting married in 3 mos and wish to come into marriage with less debt
Bankruptcy Chapter 7 bankruptcy Bankruptcy petition Automatic stays in bankruptcy Bankruptcy documents Credit score Credit Debt Debt discharge Bankruptcy and debt Real estate finances Foreclosure Short sales Real estate and bankruptcy Real estate Lawsuits and disputes Filing a lawsuit Deed in lieu of foreclosure