bankruptcy appraisal
I have talked to the 1st mortgage bankruptcy department and they told me that I can’t re-affirm wit them..
They also told me that if I do a short sale they will consider the offer and they might decided if they want to sell the property to whomever I choose to do the short sale. I owe $159,572.69 for the 1st mortgage and $26,000.00 for the second.My house appraisal is for $181,000.00 (I got the appraisal when I did the second mortgage) the county house values is for only $150,000.00 I forgat to tell the county that I did some ugrades to the property. I was paying 16% in interest for the 1st and 2nd and my attorney told me that it was better to surrender the property because there is not equitty in it. So what are my options in here If I do the short and the mortgage approves the sale I know that the short sales are for less than what I owe, will I be responsible for the difference if they accept the sales? what happens to the second mortgage? I haven’t heard from them at all, they were also included with the chapter 7.
You are screwed.
http://www.breakingbubble.com/
Not to worry there are a lot of people in the same boat.
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