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

Im 9 months behind on my house and its in foreclosure. Suppose to be foreclosed on April 6th 2010. We have tried a short sale and we have an offer but the 2nd mortgage company is not going to take it. They want an extra ,000 on top of the offer. My real estate agent said they will probably take ,000 when it gets closer to the actual foreclosure. Im also upside down on my car ,000. Should I pay the ,000 and keep the car that is upside down or just file bankruptcy? If I file bankruptcy before the foreclosure date will both go on my credit? The lawyer suggests a chapter 7. Thank you in advance!!

Technorati Tags: 9 months, bankruptcy, chapter 7, foreclosure, lawyer, mortgage company, real estate agent, short sale

This is related to a short sale with a second mortgage (HELOC) that wants us to settle a 60K debt for the next 10 years. We have a buyer and can let the sale go through with those terms. Our other alternative is to let the whole deal fall and just go into foreclosure. Which deal is better in your opinion. Thanks.

Technorati Tags: 10 years, foreclosure, heloc, second mortgage, short sale

Just completed a short sale on my house after missing 6 payments (ex quit paying child support). I tried just before short sale went through to get a small loan and was turned down due to missed payments. I’ve since been notified that the mortgage company reported to all 3 credit bureaus that the debt was "settled". I had excellent credit before this, does this cancel out the missed payments or is my credit ruined for now? Any information would be greatly appreciated!

Technorati Tags: cancel, child support, credit bureaus, mortgage company, short sale

Last year my husband and I lost a home we purchased about 3 years ago. This house was to be an investment. We remodled the entire house and completed just as the market crashed. This past March the house was foreclosed on after being on the market as as short sale for 2 years. We want to file bankruptcy because this ruined our finances. We still have our home we live in but we now have 2 creditors suing us. How do we file for bankruptcy and include the taxes we will probably be charged for the house we lost in March 2010?

Technorati Tags: 3 years, bankruptcy, creditors, short sale

If the bank won’t accept a short sale, and someone is forced to foreclose, how likely is it that the bank will file a lawsuit against them to collect the debt? At what point should a person decide to file for bankruptcy?

Technorati Tags: bankruptcy, short sale