BK, short sale, loss of wages

[54321]

Thanks Daisy, I knew there was a reason i came to this forum.... i wanted to talk to my BK attorney, but he won;t talk to me... what gives with that... no return on phone calls and won;t return emails.. i cannot get advice from another attorey... this all sucks so much when you don;t know anything like me .. i assume all this was included in bk, at least that is how i understood it, both loans show as inlcuded on bk on my credit report.. if i decide to let it foreclose... (you say foreclose is better) can i call litton and asc to tell them?

[54321]

WAIT... i was told a short sale impacts my credit less.. 2 years vs 7.. or does since it forecloses its just included... in the bk.. ARRRRGGG i am so confused.... whats up with the tax consequence and suing?

[54321]

Tbone,, no one sucks more than litton... no one

[dbryant]

Along the same lines of this topic, hopefully someone will have a little advice for me. We finally have the rest of the attorney $$$, and plan on filing in about 2 weeks. We have a house, that the bank took ownership of on Oct 4th. If we get the filing done this year, will that absolve us of the defiecency? We owe about $435K, and the original loan was for $330K. We took a $100K HELOC, and then refinanced all into 1 loan in Dec 06. I dont want to get a 1099x for the difference, so we are trying to get the BK done before end of the year. Any suggestions / comments are appreciated.

[HHM]

WAIT... i was told a short sale impacts my credit less.. 2 years vs 7.. or does since it forecloses its just included... in the bk.. ARRRRGGG i am so confused.... whats up with the tax consequence and suing?

There is only ONE difference between a short sale and a foreclosure when it comes to credit reporting. The foreclosure is listed in the public records section of your credit report, and the short sale is not. HOWEVER, in the way a SS or Foreclosure "AFFECT" your credit report, they are "EQUALLY" bad. The same FHA/HUD and Fannie/Freddie guidelines apply regardless if you do a short sale or foreclosure. Every mortgage broker I have spoken too, and one of my colleagues is writing an article and in his research, there is absolutely no credit reporting difference between a short sale and a foreclosure.

In essence, a short sale, opens up a can of worms of uncertainty. How about this one...bank issues a 1099-C, which would ordinarily mean the debt was forgiven. However, there is no restriction on the bank withdrawing the 1099-C and keeping the debt collectible.

[54321]

ARRG this is why i need a lawyer.. local i guess... what if my bk attorny won;t talk to me.. what is a girl suppose to do? i am wondering, since he gave such bad advice.. he is worried about something. or that he just cannot make any $$ off of me??