I've been reading some posting concerning creditors coming after people's income to satify a secure loan. I have 4 properties, if they repossess all the properties even the ones that are current what more is there?!! If I had the surplus income to pay those high adjustables I wouldn't be in the mess. By losing my properties I am losing my main source of income. This is a huge loss for me!!!!
Why would they chase me down for more money and have me give them more of any money? The chance of this happening astounds me. What is it that I'm missing? If this is true then I don't see the point of bankruptcy. I have talked to the credit card companies and they willing to have me pay back 15 cents on the dollar, which is excellent. My issue is not with them. It is with 2 of my homes that are under default.
I'm unclear! To think if I give up the most valuable items I own; my homes that they might still want more and actually pursue me for more money when I've given up all my homes?
Please someone help me to understand this and the likely hood that this would happen.
I have a second on one of homes in default but the numbers show the second can get their money from the sale of the home even at below market value. The house was 640,000. I owe a total of 480,000. The home under valued can sell at 525,000. It would be easier for the second to get their money from the 1st instead of trying to squeeze it out of me!!!
Why would they chase me down for more money and have me give them more of any money? The chance of this happening astounds me. What is it that I'm missing? If this is true then I don't see the point of bankruptcy. I have talked to the credit card companies and they willing to have me pay back 15 cents on the dollar, which is excellent. My issue is not with them. It is with 2 of my homes that are under default.
I'm unclear! To think if I give up the most valuable items I own; my homes that they might still want more and actually pursue me for more money when I've given up all my homes?
Please someone help me to understand this and the likely hood that this would happen.
I have a second on one of homes in default but the numbers show the second can get their money from the sale of the home even at below market value. The house was 640,000. I owe a total of 480,000. The home under valued can sell at 525,000. It would be easier for the second to get their money from the 1st instead of trying to squeeze it out of me!!!
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