information on short sale and bankruptcy

[nd1jetchef]

What is the name of your state? KY

I am currently 3 going into 4 months default on my mortgage. My job situation has changed drastically. Lets just say I am in the airline industry. Enough said. I have advice to try to get my mortgage company to do a short sale and then file bankruptcy. I have had my condo 15 months and havent built that much equity and have a 2 yr pre-pay penalty on it. I am moving out of state for a great job opportunity but need to resolve this before leaving in August. My income now does not support any kind of repayment at this time . What is the best course of action?

[jnazareno]

Originally Posted by nd1jetchef

What is the name of your state? KY

I am currently 3 going into 4 months default on my mortgage. My job situation has changed drastically. Lets just say I am in the airline industry. Enough said. I have advice to try to get my mortgage company to do a short sale and then file bankruptcy. I have had my condo 15 months and havent built that much equity and have a 2 yr pre-pay penalty on it. I am moving out of state for a great job opportunity but need to resolve this before leaving in August. My income now does not support any kind of repayment at this time . What is the best course of action?

in my opinion and Experience, if you dont have much equity sell it to someone you know for a buck and they can take over payment and all, Thus hopefully saving your Credit. you have to hurry--you are in the process called the notice of default, meaning you have 21 days ( not sure if same with your state, but pretty sure they are all similar) to perform or bank get's your Condo and ruin your credit if not yet already.