File for BK, if you still owe money? Outside of Realtor professional code of ethics to respond to any of those types of questions.
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
I'm sorry to hear about your situation. Many of my clients including my self have been in your shoos. We all purchased homes in 2004-2007 in the hight of the market. We have tried modification and no success. Our best option was short selling our homes.
Short selling your home dose not impact your credit like a bankruptcy and foreclosure.
I specialize in Short Sales and have helped many clients in your situation understand the process.
For more information you can got t http://owww.shortsalesandmore.com
You can also contact me for a confidential consultation and I will share with you what we were able to accomplish for our clients at no cost or obligation to you.
Fight and fight hard. Most lawyers are as new to shorts sales,foreclosures and mod.loans as Homeowners.
Many are fighting Pro Se. However We suggest a Lawyer one who is blogging on the interent with experience and knowledge. We see some Lawyers who are posting their success with this type of issue.
Other options is to short sale but it's a longer process get an experienced Realtor/Broker in your area who will tell you what you face to do a short sale. It's not easy but can be done.
The banks who seem to not want to modify have been in our experience, Wells Fargo and Chase, there are others but these 2 have been our worst in trying to do short sales and modifications.
Research your options.
All the Very Best
Dave & Lisa
Live chat on our Website for your quesitons
Generally if you cannot acomplish the modification, a short sale is better than a foreclosure for your financial recovery at some point. Whether a bankruptcy is in the cards, is a question for your accountant or attorney. A short sale is possible in this market and I would be happy to explain them to you.
You can reach me through private email at Marlene@MacbethRealEstate.com and I can run through the options for you in more specific detail as it applies to your current situation. I also live in Santa Ynez and have worked as an agent here for 30+ years. Give me a call at your convenience. Knowing your options will help how you are feeling now.
You can contact me to discuss the matter further http://www.isternlaw.com.