Ok so in 12 my chpt 7 was discharged and I bought a home Dec 2014. I have had my job for 5 plus years, extremely stable 6 figure income and now I have been laid off. I am trying like heck to sale my home but the issue is I live in West Texas in the middle of the oil field and as most know we are in a huge down turn in our industry. Home prices have already dropped 10% and I do not think I will be able to sale it. What are my options, am I just screwed?
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One option if you can't sell the house and can't pay the mortgage is to live there for free until the bank forecloses. Based on my quick internet search, in Texas a bank cannot sue for a deficiency on a home. So, your credit will be terrible, but you won't owe anything to the bank after the foreclosure.
Do you have other debt?
LadyInTheRed is in the black!
Filed Chap 13 April 2010. Discharged May 2015.
$143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!
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