Should I wait and see if the bank sues me for a deficiency judgment or just file for bankruptcy?
Long story short..
My home is 0000 upside down. I have two mortgages. I’ve had to relocate out of state and I can’t afford the mortgage and my new rent with my new lower salary. I don’t plan on moving back into the house. I would like to sell the house but like I said… I bought it for 8000 and it’s now worth 0000 and dropping. I have decided to stop paying my mortgage (not easily, I’ve been thinking about it every day for almost 2 year). I’ve used up almost all of my savings to fill in the gaps. I have no assets. I have a great credit score and no other debt but my home right now. I know that banks will foreclose eventually. I’m worried about getting a deficiency judgment. I’ve read that filing for bankruptcy is an option but does it make sense if I have no other debt? Can I even qualify? Should I wait and see if they even try to get a deficiency judgment first?
I don’t want to hear anyone talk to me about responsibility, I KNOW that I got myself into this mess. I need to know how to get out of it or make it less messy. Thanks.
The house is in Nevada. I have rented it out but I’m still in the red every month. I know my credit will be ruined and I can accept that. I just need to know what I can do to prevent or decrease the chances of a deficiency judgment. Again, if my only debt is my house can I file for bankruptcy and should I. Is there a chance that I won’t get a deficiency judgement? I make an ok salary, but my mortgage and rent alone leave me in the red every month not to mention all the other expenses associated with survival! I just want to know the best way to start over with my life.
Thanks.