washington bankruptcy lawyer
i am going to file chapter 7 bankruptcy, should i keep my house or let it foreclose?
we have a first and second mortgage, the first is an interest only arm, the second is an interest only fixed, and will reset in 2 years. Our current home value is about 270-275, and we owe about 252. Our payments are $1500, and we are thinking about renting out our home for about $1200. We will be moving out of state after our bankruptcy. Our lawyer suggested that we think about letting our home go to foreclosure. He said it is a huge gamble for us to hold on to the home. In Washington state we pay sales tax on home sales, and with realestate commissions we would pay a total of 10%. The tax benefit of owning a home works out to about $1300 year. Is it worth the gamble to hang on to our home, hoping it will gain enough equity in the 2 years before we need to sell? Please advise, this is a huge decision.
ask your lawyer…
personally I would let everything go.
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