yes, unfortunately you are in neveda.. primarily a non-judicial state, meaning the process moves much quicker than those lucky enough to be in judicial states which many times are bogged down in the court systems for years. i have seen some out in the streets within months!! bad news. i hear on those banks.
if you file bk and list both houses in there you can dodge the deficiency judgement. also, it is possible to keep the smaller place if you file, and it fits into your means tests well. keep your payments up on that smaller house if you intend to keep it, but do not reaffirm it during the bk process. remember, if you do what to keep that smaller house to maintain those payments or the banks will do the same as with the bigger home.
best of luck and i hope it all works out for you.
-
We have been given a foreclosure sale date this month. We have to leave. The bank has been less than willing to work with us and have been aggressively pursuing the foreclosure. I believe they want to go after a deficiency judgement.Originally posted by LadyInTheRed View PostLeave a comment:
-
Welcome to bkforum, Racing1. I moved your thread from the exemptions forum to the foreclosure forum.
I don't know the answer to your question in Nevada. But, don't be in such a hurry to move. You could live in the house for months or years after you stop making payments before they get around to foreclosing. If you have tenants in the other house, you might as well collect that rent as long as you can and live for free where you are.Leave a comment:
-
Losing residence to foreclosure, moving back into our rental, is that in danger too?
As stated, we are losing our home we built a few years back. Put everything into the home but was never able to convert into permanent financing after the build. The bank finally gave us a crappy 5yr balloon with an astronomical payment and no hopes of ever converting into permanent financing. Both my wife and I have since taken pay cuts and can no longer afford the outrageous payment and have been trying to short sale with no budging on the banks end. We are most likely going to lose the home to foreclosure in the next few weeks. We have a smaller second home that we will be moving back into. Is this home in danger of being taken as well? If the bank files a judgement deficiency can they take our new primary residence as well? We feel like we are being trampled on with no way to fend for ourselves in this matter...Any help is greatly appreciated.
Leave a comment: