In April of 2011 there was a deadly tornado that came through south of Chattanooga. Downtown Ringgold was devastated, coming east, up Cherokee Valley, many homes were destroyed and lives were lost. Sad time, lots of loss, including old hardwoods.... more
let us assume the house is averaged out at 1600 total sq feet... that would be a total of $6,400.00...
If, you had the comps that were used to get the value you would know or see how the $6,400.00 came to be...... more
As apart of the Short Sale process you have an opportunity to state your case through a Hardship Letter, explaining your current situation and why you are unable to afford to continue the payments on your home and ask to be forgiven for the balance remaining if a short sale offer is accepted by the bank (make sure this verbiage is in the Special Stips of the offer, in Georgia we have a Short Sale Exhibit, which covers this verbiage). Since you and your wife have filed bankruptcy, speak with your bankruptcy attorney regarding your situation, he or she should be able to provide insight as to how you are protected under the bankruptcy laws in your state. Also, go to www.irs.gov, they have information on their website about Mortgage Forgiveness Debt Relief Act of 2007, which President Obama signed off on; but do your due diligence in researching this and asking your bankruptcy attorney and a tax professional questions.... more