bankruptcy keep primary residence

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Short Sale?

I have an idea of what a short sale, but if $ 340,000 is owed on a house, and it can only be sold for about U.S. $ 200,000 be, you owe $ 140,000? If this is the case, it would be best to go with a forclosure … or perhaps even bankruptcy? This is a house in Arizona. This is not a primary residence … but it is impossible to keep with the payments that credit cards are maxed. What needs doing? At this point … Loss of home does not matter but would at my residence? Of the $ 340,000, $ 120,000 from a home equity line … But this amount was given as a deposit for the main residence.

I would advise you to lenders talk of a rate change, to see if the payments again, where they can afford. Unfortunately, there is much misinformation in these bodies. If your primary residence is in a state that allows the deficiency judgments, the lender may be your principal residence and pursue, by attaching a lien thanks to you for the balance. And would be much more than $ 140,000, with all the fees that are added in. You need to examine other options, check before foreclosure or bankruptcy. Your credit is already in the trash, but nothing is more devastating for a longer period than a foreclosure or bankruptcy, and you will pay tomorrow for what is based on credit score.

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