Okay, here's the deal....like many other investors, I purchased a condo in Florida at "pre-construction" prices with hopes of making a few bucks on a sale once construction was completed. Then you all know what happened.....down it went!! We have a 1st and 2nd mtg on the unit. We are in the process of trying to do a short sale. The 2nd mtg holder is willing to take the 1st mtg holder's offer on the short sale, but has indicated they will not relieve me of the debt personally. Obviously after the short sale they become an unsecured creditor. I can't pay the amount of the 2nd mtg probably in my lifetime, therefore it may force me to file for bankruptcy. My question is this....do I still try to make the short sale work? Or...when filing for the bankruptcy won't it help to have the large 1st and 2nd on my financial statement as debt? My credit is in the tank regardless I think...short sale or foreclosure....I'm just not sure about the bankruptcy...thanks in advance for your help!
- You are you viewing the Bankruptcy Forum as a guest (limited viewing).
Don't have a BKForum account yet?
Please REGISTER (it's FREE & takes 30 seconds) so you can post your own questions and see all the features available to registered users. - Welcome to the Bankruptcy Forum aka BKForum. We have strict rules and guidelines to which everyone must adhere to.
Please review our rules before you make your first post.