Asked by Wendipulous, Queens, NY • Thu Jun 21, 2012
I own a house on 113th street, Richmond Hill Queens that is in the foreclosure process. I previously decided filing bankruptcy would be the best course of action since no payments have been made on the property in years and it needs a lot of repairs, but i havent filed yet. This week i received a notice from the bank (bank of america) saying i could qualify for a loan modification and the fees its incurred would be forgiven too if i qualify. Now im wondering what would be the better option for me, to file for bankruptcy or try for the loan mod. I can afford the current monthly payments on my income, but thought maybe i could turn the basement into an income suite. Any advice?
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