im confused...

[tstephens]

ive read where you can give up your house when filing bk...but im confused..will it be a forclosure or not? will your credit report show just a BK or both a foreclosure and a BK. also is there any situations where you are not able to give the house up (they make you keep it?) thanks. I owe about 82,000 on mine..its worth probably 95,000 maybe alittle less..if that makes any difference. thanks.

[hereforinfo]

They can't make you keep a house. If you quit paying on it, eventually the bank will foreclose. If you have equity in the house, why not just sell it and take the profit?

[okiemom2008]

They can't make you keep a house. If you quit paying on it, eventually the bank will foreclose. If you have equity in the house, why not just sell it and take the profit?

what do you do with the equity?
does it count as income for that period?

[tstephens]

there's not that much equity and I have tried to sell it not that easy these days...plus its in need of some repairs that i don't have the $$ to fix...still leave's me with my question. if you file BK will it be a foreclosure or just a BK or both.

[TEW]

ive read where you can give up your house when filing bk...but im confused..will it be a forclosure or not? will your credit report show just a BK or both a foreclosure and a BK. also is there any situations where you are not able to give the house up (they make you keep it?) thanks. I owe about 82,000 on mine..its worth probably 95,000 maybe alittle less..if that makes any difference. thanks.

Your Mortgage will show IIB included in bankruptcy on you CR. If you don’t want the house stop paying for it. live rent free as long as you can.