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  • jjones227
    started a topic Taxes on surrendered home

    Taxes on surrendered home

    I filed bankruptcy and surrendered my house - both mortgages were discharged. Because of the backlog of foreclosures in Maryland, I sold the home in a short sale. Am I responsible for federal and state taxes for this sale? I owed $180K on the first mortgage and $47K on the second. The house sold...
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  • AZNoName
    started a topic Non pmt foreclosure vs. home surrender in BK

    Non pmt foreclosure vs. home surrender in BK

    We're filing 13 and surrendering our home in the BK. I was wondering, does the lender foreclose quicker for non-pmt compared to a BK surrender situation? I've seen recent examples in both situations:

    Non-pmt foreclosure situation : recent example in az, where the time from first late...
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  • AZNoName
    started a topic Leave now or stay until they kick me out?

    Leave now or stay until they kick me out?

    My husband and I are filing chapter 13 within the month and plan on surrendering our home (which we're 100K+ upside down on). We're only 1 month behind on payments on our first and 2nd loans.

    My question is, should we begin looking for rentals now that our credit is still good? or wait...
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  • Timeline after BK Discharge on Foreclosure/Surrender

    Have a question:

    Just filed for Ch 7 (no asset), partly due to our condo being about $55k underwater (1st and 2nd liens), and in our filing paperwork we listed intent to surrender upon discharge.

    Now, the issue we run into is that we would prefer to squat for as long as...
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  • Peritus Portfolio Services - anyone ever deal with them?

    I have a car that was under a ch 13 and now we are converting to a ch 7.

    I was wondering if anyone had dealings with this finance company? Thanks!
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  • balancaster
    started a topic Paymnet increase after home surrender?

    Paymnet increase after home surrender?

    I am planning to file Chapter 13 with the hope that I can strip my second mortgage. If I can strip the lien, I will be able to keep the house. If I cannot strip the lien (the value may not be low enough), I will not be able to afford to keep the house.

    Q1. If I am unable to strip...
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  • DAYLAP
    started a topic Getting financing again after a chapter 13

    Getting financing again after a chapter 13

    How long after filing does it take to be able to get financing for a car again?
    My husband and I are filing Chapter 13 and I own an 06 Honda Odyssey (paid for---well on our house!!) My husband is upside down on his BMW about 6K. He owes 22K. He's worried about Suncoast repo-ing his car because...
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  • lolie
    started a topic WHY a Short Sale?? I want to surrender.

    WHY a Short Sale?? I want to surrender.

    O.K. we just had our second meeting with our attorney. Decided to go ahead with Chapter 7, but when I mentioned we want to surrender our home he would cover over other things first. Then when we got to filling out the paperwork, he put down Short Sale. I don't get it! I said surrender.

    ...
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  • lolie
    started a topic 2009 Taxes Due, Are they considered unsecured?

    2009 Taxes Due, Are they considered unsecured?

    Where will they figure in my 2009 taxes that are due?

    I know they are a priority claim and have to be paid in full, which would make them secure, right?

    I would like to surrender our home, but the deficiency would put us near 320,000 in unsecured debt nearing us to the...
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  • lolie
    started a topic Surrender Underwater Mortgage in a 13?

    Surrender Underwater Mortgage in a 13?

    We are meeting with our attorney next week and I want to be prepared. Here's the situation:

    Own and Operate LLC Partnership (profitable)

    Income 200K/yr.

    Unsecured credit: 82K
    Taxes for this year: 40K
    Secured credit: 40K (two cars, dirtbike, piano)...
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    Last edited by lolie; 02-24-2010, 01:02 PM.

  • J102
    started a topic Discharged.. Surrendered Condo.. Now What?

    Discharged.. Surrendered Condo.. Now What?

    I got BK7 discharged last week ( ) and closed yesterday. We did the switcharoo on my (vacant) condo at the last minute to surrender it, which was the plan after I decided, before finally filing, that I didn't want to keep it.

    So now what with the condo? Do I just sit and wait for...
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  • outofluck07
    started a topic How can I speed up foreclosure?

    How can I speed up foreclosure?

    I will be filing in the next few months, and giving up an upside down rental property in the process. Is there a release or some way to surrender the house so the foreclosure moves along quicker? I work at City Hall and don't really want unpaid property taxes showing up with my name on them.
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