Re: Thoughts on this

Posted by steele in minnesota on April 30, 2008 at 12:50:59:

In Reply to: Thoughts on this posted by drew on April 30, 2008 at 08:19:57:

What do you mean when you say you no longer have the safety net of foreclosure?

Foreclosure and bankruptcy are separate animals. Yes, they can go together but one does not need the other.

Option One will foreclose if you do not pay. If they are not open to other options (no pun intended) than they will take a bath on this one if you are correct in your values. As for garnishing wages, it depends if your state allows for deficiency judgements. Many areas do not. And if they do allow it, will it be worth it for the lender to go after you? Maybe not.

Too many unknowns here to really answer your question. Let's start out with "where is the house located"?

Steele

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