Markets are up

[dmc-2008]

The markets are up and the condos I live in are selling! I am 2 years into a bk with a lien strip. What happens if I can sell now and pay off the debt in full? Will that also include all the interest I didn't pay? If I wait three more years the equity would be mine though, if the market is still up! I always make the wrong financial decisions!!!! Just curios though can you sell in a bk 13 in. Lien strip?

[justbroke]

So, this is good news that the values are increasing! When you finish your Chapter 13, you may have some decent equity at that time. That would be the best result and it is highly probably.

To answer your last question, yes you can sell "with permission" in a Chapter 13. Your issue is, as stated, that the lien strip would be ineffective and the "accrued" interest, penalties and legal fees will come back in full force at a sale (unless it's a short sale).

[dmc-2008]

JB I hope you are right that it is highly probable that in 3 years the markets will probably be good and I will have equity. I am sitting here in tears right now as I always seem to make the worst fin decisions and thinking this is so hard and won't be worth it. Everyone is selling ( 2 neighbors) and both taking equity and buying houses. Getting out of these condos! I am so happy for them but really jealous and feeling sorry for myself! God I hope you are right and this will turn out for me. Nothing ever does!!

[justbroke]

If the equity is "that" good and clearly covers your mortgages but accumulated interests and fees, then appraise it then motion to sell it. Trust me when I say that your decision to file bankruptcy on "known" debts is much better than wondering what could happen and having "unknown" issues with debt in the future.

Think about this... you already stripped the junior mortgage. With that stripped how much equity do you technically have right now? Is it more than you had when you filed?

[dmc-2008]

Yes! JB that is so true! I actually have equity for the first time in years! if I sold now I don't know if it would cover all the costs though. I also think that my credit will be shot for the same length of time so I should just stick it out anyway! But I have daymares that when this is all said and done I am even. But I guess that is better than being underwater! I am just (honestly) feeling the pinch of being in a bk and it's not easy! Thank you so much for your perspective. I just need to vent, release and move on. Thank for being here JB!

[spidge]

dmc2008, I am glad to see you are leaning toward keeping with the plan. Don't fall into that trap where the Jones buy a house so you do too just to keep up. Are you planning to keep up with their goals or yours? That is how so many became financially trapped rather than financially flexible.
I still have a little negative equity, but am chomping at the bit with 16 payments to go. I have gone through the same math you are considering, but someone else like the agent, title, points, and who know who else gets a piece of the pie. It always leaves me with just enough to change my situation, but not improve it.

Keep up the fight whatever you choose.

[dmc-2008]

Thank you Spidge! It's my goal to improve it not just change it, I hope that will happen! I will stick to it! I just have lapses sometimes and it is such a long haul really! Xoxo