Asked by Bretton Lind, Lindon, UT • Sat Apr 26, 2008
I have 2 houses worth a $1M plus that I can no longer afford. What is the bank going to do to me if I 1) short sale or 2) let it go into foreclosure. I would like to know about the affect to my credit, how to handle a deficiency (what will be required), will I or should I declare bankruptcy. What are my options and what are the repercussions of each choice?
Both houses are 90 days late, the loan is about $300-500K what I could sell for quickly and I have very little income. I am trying to short sale them to avoid foreclosure. What happens after I short sale or if I go into foreclosure. What is the bank going to require? Are they going to come after my business, other assets/houses, wife's income, etc?
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