I don’t really know what does happen. My friend is under water on her house in Las Vegas, can’t rent or sell it & has decided to file bankruptcy. So what happens to her house now?

I tried asking last night & did not get much help, all any one wanted to do was tell her to do something other than the bankruptcy – I don’t want any suggestions about short sale, or any other alternative options. She has decided on the bankruptcy & I am ONLY trying to figure out what this means for her house.

One person said that she could give the bank possession of the house during the bankruptcy & it would turn into a foreclosure? I’m not sure I understood that correctly or not. Is that right?
Yes. she has other debt. She has been living in Las Vegas for 10 yrs – of course she has other debt. She works 3 jobs & still cannot pay all her bills.
Ok so when she files bankruptcy, it does not automatically get foreclosed on…right? She has to contact the bank to start that process…. Right?
The kid – I know that. She is NOT trying to get away with anything.

Her current jobs don’t give her any time to research. I sit in front of a computer all day & sometimes I’m not busy. I’m just trying to figure out what all she has to do – like if there is another step – like what acermill said.

Technorati Tags: amp, bankruptcy, foreclosure, jobs, las vegas, one person, possession, short sale, what this means

Due to permenent disability which occurred 2 years ago I can no longer afford my monthly mortgage. Normally I would just sale my home but my house in Las Vegas is currently about 0,000 up side down and I do not have that kind of cash to make up the difference. I have spoke to the lender (Chase) in length and the only thing that they are offering is temporary solutions so I know that I will have to move. Luckily I have a excellent family support system that will allow me to live within the confines of my limited disability income. but I’m concerned about the mortgage company harassing me for the mortgage deficiency, so should I file bankruptcy now or wait until I’m out and wait for the bank’s deficiency judgement? Please understand that I have always been responsible with my financial responsibilities but I did not choose to get sick, so I’m trying my best to play with the cards that have been dealt to me! Thank You.

Technorati Tags: cards, chase, confines, deficiency judgement, disability income, family support system, financial responsibilities, las vegas, mortgage company, should i file bankruptcy, temporary solutions

A house I am buying in Las Vegas, Nevada is still in escrow and I am just waiting for order from the court for release property from the bankrupty court which would happen when all the payments to the trustee are fully paid. Unfortunately, the case was closed for non compliance of payment. Since the Bankruptcy case is now closed, and the debtor( seller of the property I am buying) is no longer protected by Chapter 13 from all her debts which went back to ,000. What happens to the house I am buying now that the bankruptcy case is closed? Can the debtors run after the property which is now in escrow?

Technorati Tags: bankruptcy case, bankrupty, chapter 13, compliance, debtors, debts, escrow, las vegas, trustee, vegas nevada