You need to act fast! I can lower your mortgage payments without having to refinance your loan! We can stop the foreclosure process with the many connections we have at banks! Call today and start saving tomorrow! 877-822-7468. I look forward to helping you with your present situation!

Danielle

it's crucial that you do things in the correct order if you're planning to file a Chapter 7. I'm not an attorney so I can't give you advise. Check out this info: http://www.mortgagereliefformula .com He also has an analyis of the new Homebuyer Bailout bill that just passed that would allow you to keep the house with a reduced mortgage at 90% of the current market value of your house.

If your attorney decides your best course of action is to go ahead with a short sale, I'm well experienced with short sales and would be happy to help you get through this.

Alma Rose Kee, P.A.
Real Estate Consultant
813.244.9898 http://www.SoldOnTampa.com

Just to clarify, I meant HELOC's AREN'T really a "second"

Jsf, I agree with them both, you need to speak with an attorney and a CPA. You may very well qualify from the 1st for the short sale, but the problem for you is the HELOC. Homes with a "second" that are HELOC's are much harder to negotiate. Reason being, a HELOC is really a "second" mortgage, it is basically a revolving "unsecured" credit debt, which will be able to follow you, even after the sale. I know you used the home as "security" for the HELOC but they technically gave you a credit line, same as credit card. I would be happy to help you with the sale of the home, if it is in FL, and I will set you up to speak with a lawyer who can go over some of the legalities and answer some of your questions, for FREE. If you decide to use me Great, if not, be sure to tell the agent that you are considering Bankruptcy, as this will dramatically alter the sale of the home, if it even can be. Good luck.
Mike Ceparano 8134176698
ceppym@yahoo.com

true hardship is not an issue. and I am very aware of the short sale process and how to get one approved.. what i need to know is what happens to the 2nd? can you declare chpt 7 and get rid of it? and any possible deficiency liens if you truly show little or no income and qualify for 7.. thanks

Not sure how the 2nd will be handled. A lawyer or your 1st lender can tell you. However, a short sale is not a guaranteed option for you. The bank will do a complete 'work-up' on you, as if you were applying for a new loan, to see if you qualify for a short sale. If you have assets - any assets - they'll likely deny your request. Banks will not approve a short sale unless you really can't pay and can prove a real hardship has occurred. If you provide false info, and they find out, that would be bad! (Could be fraud and might land you in jail.) However, if you do qualify for a short sale, I suggest you find a professional who has some training in short sales. Otherwise, you could find yourself in a very difficult situation.

Sincerely,
Bruce Bernstein
Broker
Pretty Dog Realty
Tampa, FL http://www.PrettyDogRealty.com

Sounds to me like you are trying to do more than just save your home. You need to talk to both lien holders, because it is their policies that determine what you can and cannot do. You are going to destroy your credit no matter what if you go to short sale. To do short sale, you MUST be at least 2 months behind in your mortgage payments, so your credit worthiness is already gone. You might want to consult a bankruptcy attorney on the questions regarding the bankruptcy option. This is no situation for resolve through this site. Good luck to you!!