sell home to avoid foreclosure AFTER bk?
We just filed for BK and had hoped to keep our house by reaffirming but income isn't keeping pace with demands.
Question is: Should we sell it ourselves, ammend the BK to surrender it, or let it be foreclosed upon (and live for free in it for a while)? AND should we ammend the BK to include the lender's $10,000 pre-payment penalty - to avoid being stuck paying back a deficiency - just in case the sale doesn't cover it?
The situation:
EQUITY: Enough to pay off 1st and 2nd (a "piggyback" home equity loan used for purchase under 100% financing). Possibly also enough to pay off $10,000 pre-payment penalty. MAYBE enough to cover a realtor's percentage (and maybe not).
Oh - And will the Oct. 17 deadline affect this situation in any way? Say if we don't clarify the house situation until after the 17th? (we filed BK two weeks ago).
Thanks for your help!
Question is: Should we sell it ourselves, ammend the BK to surrender it, or let it be foreclosed upon (and live for free in it for a while)? AND should we ammend the BK to include the lender's $10,000 pre-payment penalty - to avoid being stuck paying back a deficiency - just in case the sale doesn't cover it?
The situation:
EQUITY: Enough to pay off 1st and 2nd (a "piggyback" home equity loan used for purchase under 100% financing). Possibly also enough to pay off $10,000 pre-payment penalty. MAYBE enough to cover a realtor's percentage (and maybe not).
Oh - And will the Oct. 17 deadline affect this situation in any way? Say if we don't clarify the house situation until after the 17th? (we filed BK two weeks ago).
Thanks for your help!
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