Hello all,
I'm getting close to filing a BK7 for all sorts of assorted reasons (in about a month or so).
My home's 1st and 2nd mortgages were owned by the same company until very recently. Foreclosure is set around June 1st, so I've asked the 1st mortgage holder for a Dee in Lieu. The second holder has contacted me and offered 10% of the balance as a settlement. That works out to about $7,000.
Frankly, the house is worth less than 50% of the original loan amount, and I have no intentions of keeping it at all. I just want it gone.
Should I even bother with a DIL and/or settlement? How might that impact or be impacted by my BK7 filing?
Any advice would be greatly appreciated. Thanks!
I'm getting close to filing a BK7 for all sorts of assorted reasons (in about a month or so).
My home's 1st and 2nd mortgages were owned by the same company until very recently. Foreclosure is set around June 1st, so I've asked the 1st mortgage holder for a Dee in Lieu. The second holder has contacted me and offered 10% of the balance as a settlement. That works out to about $7,000.
Frankly, the house is worth less than 50% of the original loan amount, and I have no intentions of keeping it at all. I just want it gone.
Should I even bother with a DIL and/or settlement? How might that impact or be impacted by my BK7 filing?
Any advice would be greatly appreciated. Thanks!
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