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.

Technorati Tags: 0000, assets, banks, credit score, deficiency judgement, deficiency judgment, filing for bankruptcy, gaps, life thanks, mortgage, mortgages, salary, survival

I have completed all my back tax returns but have not yet filed them (2005-2008) and have come up with a tax owed of around ,000 which will surely be at least -,000 by the time penalty and interest are added in. My 2004 returns shows me owing ,000 and the IRS has already started the levy process against my personal income last week but made an error on the form so I have dodged a bullet until they get it corrected.

I spoke with the IRS this morning and told them how much my gross and taxes were for the 4 years I haven’t filed and they have asked me to fill out a collection information statement form 433F and have given me until Monday to call them back and give them the info on the phone.

Due to some huge unpaid medical bills, my debts outweigh my assets by at least 3 to 1 (assets ,000, debts including ,000 tax are around 0,000).

I have around ,000 cash saved, and ,000 equity in my house but cant find a lender because my credit is terrible.

Any suggestions? Will the IRS be able to give me an installment plan or could I opt for an offer in compromise? Or is bankruptcy an alternative?

I have never been in such a poor financial condition in my life.

Thanks.
Can I possibly do and offer in compromise? I realize now that federal taxes can not be discharged in a bankruptcy. Can the IRS do an installment agreement for ,000 or is the maximum ,000?
Thanks for all the advice but please get off your pulpits. Facts only please, no criticism. I know the situation I am in and how i got here. You dont need to remind me and/or accuse me. I just came here for answers. So lets stick to the answers people.
Any answers about the possibility of Offer In Compromise?
Can I do an installment contract for ,000 if I can pay it within 3 years?
AFTER I FILE ALL RETURNS DUE AND OWE ,000, CAN I GET AN INSTALLMENT AGREEMENT? IS IT POSSIBLE?

Technorati Tags: 3 years, assets, bankruptcy, collection information statement, debts, federal taxes, installment agreement, installment contract, installment plan, irs, levy, life thanks, offer in compromise, personal income, pulpits, tax returns, time penalty, unpaid medical bills