Wait for foreclosure then file BK?

[katz]

My case:

I put my condo on the market in July. Found job out of town. Moved and am renting. Condo hasn't sold. Mortgage is 195K. Market value approx 170. I moved and havn't paid mortgage for 4 months now. I also have 15K in CC/misc debt.

None of my creditors/motgage co. have my new ph# or address. I have no idea what my mortgage bank is doing. Should I just let it foreclose with no contact, then file BK for all of my debt after they sell and (if they locate me) bill me for the 15K(ish) balance? Should I file BK now...before foreclosure? Will my new job affect any of this? The bottom line is, I don't want them to find me and I don't want to call them. I just want to eventually file the BK.

Thank you.

[MTG_BANKER_OH]

My case:

I put my condo on the market in July. Found job out of town. Moved and am renting. Condo hasn't sold. Mortgage is 195K. Market value approx 170. I moved and havn't paid mortgage for 4 months now. I also have 15K in CC/misc debt.

None of my creditors/motgage co. have my new ph# or address. I have no idea what my mortgage bank is doing. Should I just let it foreclose with no contact, then file BK for all of my debt after they sell and (if they locate me) bill me for the 15K(ish) balance? Should I file BK now...before foreclosure? Will my new job affect any of this? The bottom line is, I don't want them to find me and I don't want to call them. I just want to eventually file the BK.

Thank you.

You should file the BK now, or talk to your realtor about a short sale. You may also look at a Deed In Leiu of Foreclosure. You woudl be better off doing the B now because the more time you can but between a foreclosure or a BK the better, you are only costing yourself more time the longer you wait. If you file BK they should not be able to come back on you with a deficiency balance and it may take a year for the whole foreclosure porcess to run its course. The more contact you have with the bank the easier it will be on you, it all depends on the banks attitude with you. They will find you soon, they have ways to track down people, i worked as a bill collecor in college for Discover.