Re: Foreclosure, considering filing bankruptcy

Posted by NJDave on August 28, 2008 at 12:12:44:

In Reply to: Foreclosure, considering filing bankruptcy posted by Joel on August 28, 2008 at 10:34:00:

I have multiple questions.

1) Are accusations of fraud enough to get me out of the mortgage? Its quite possible the foreclosing lender will claim you participated in the fraud.

2) The total owed is $327,000 and the property may not even sell for $120,000. Am I liable for the remainder?
Probably. Even if the debt is forgiven, you may have a tax exposure on the forgiven debt.

3) If I am liable is bankruptcy a reasonable option?
Your attorney might think so, but you must fully disclose your involvement in the scheme.

4) If bankruptcy is a good option would I still have a foreclosure against me? Yes.

5) What the heck was I thinking? You were duped into thinking there is a shortcut to make money in real estate.


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