Have Income?
Facing Foreclosure?
Willing to let go of the house?
Better talk to an attorney and here is why:
It is possible, depending on your circumstances, that there may be serious implications from the foreclosure. If you have a second lien-holder on the property and that loan was created as a result of a refinancing, it is very likely that you will be sued for any deficiency on that loan.
Obviously, you are not in the position to afford to pay back $100K+. If you could, wouldn't you have kept your home? Often, this suit comes about several months after the foreclosure and it can be a truly crushing financial blow, especially if there is additional debt involved.
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What our your options now? Well, they may have changed as a result of the foreclosure. Here's the problem. If your household income exceeds the California Median you could have used the deduction of that mortgage payment (even if no such payments were actually made, even if you do not wish to keep the home) and often enough that deduction can make a difference between qualifying for a chapter 7 liquidation bankruptcy or being forced into a 5 year chapter 13 repayment plan.
But, I don't want to file for bankruptcy. Who does and in some cases it may not be warranted. If the rest of your debt is manageable, perhaps your best bet is to try ad reach a settlement agreement with the second deed of trust. But having the option to eliminate this debt altogether in a chapter 7 filing is a powerful negotiating bargaining chip. Why give up on that opportunity?
Individual results vary depending on other circumstances. So, please, consult an attorney to get more facts. Have your financial situation evaluated. See where you stand before and after the foreclosure. A good attorney will not pressure you into bankruptcy but rather discuss with you options and provide with information so that you are able to make choices that are right for you and your family.
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